Combined Semi-Annual
Report To Shareholders
October 31, 2001



Class R Shares

Riggs Stock Fund

Riggs Small Company Stock Fund

Riggs Large Cap Growth Fund

Riggs U.S. Government Securities Fund

Riggs Bond Fund

Riggs Intermediate Tax Free Bond Fund

Riggs Long Term Tax Free Bond Fund

Riggs Prime Money Market Fund

Riggs U.S. Treasury Money Market Fund

Class Y Shares

Riggs Stock Fund

Riggs Small Company Stock Fund

Riggs U.S. Government Securities Fund

Riggs Prime Money Market Fund

Riggs U.S. Treasury Money Market Fund

Mutual funds are not FDIC insured and are not deposits or obligations of or guaranteed by Riggs Investment Corp. They involve investment risks, including the possible loss of the principal amount invested.
	[LOGO] RIGGS                FUNDS
Federated Securities Corp. Distributor

PRESIDENT’S MESSAGE

Dear Investor:

I am pleased to present the Semi-Annual Report for the Riggs Funds—Class R and Class Y Shares—for the first half of the funds’ current fiscal year, which is the six-month reporting period ended October 31, 2001. It begins with an investment commentary by each portfolio manager, followed by a complete list of holdings and the financial statements for each fund.

The six-month reporting period was positive for bonds, as continued declines in interest rates caused the prices of existing bonds to rise. As stock investors are painfully aware, stocks continued to record negative returns. I urge you to remember that the short-term volatility, while painful, is part of stock investing. Positive stock performance is best pursued over time—in years if not decades. Of course, if you’re a money market fund investor, your outlook is considerably shorter—your money is at work earning daily income and ready whenever you need it.

The following highlights summarize fund performance over the six-month reporting period:

Riggs Stock Fund

The six-month reporting period was a volatile one for the U.S. stock market. As a result, the fund’s diversified portfolio of high-quality, “household name” stocks produced a negative total return. The Class R Shares total return was (18.55)%, or (20.18)% adjusted for the 2% redemption fee.¹ The return was the result of a decline in net asset value. The Class Y Shares total return was (18.51)%, the result of a decline in net asset value.¹ The fund’s net assets totaled $57.6 million at the end of the reporting period.

Riggs Small Company Stock Fund

As the most aggressive fund in the Riggs family, the fund invests in carefully selected stocks issued by small companies.² Small-company stocks continued to show weakness during the reporting period. Reflecting the decline in values among small-company stocks, the total return for Class R Shares was (7.75)% or (9.60)% adjusted for the 2% redemption fee.¹ The return was due to a decline in net asset value. The return for Class Y Shares was (7.62)%, the result of a decline in net asset value.¹ At the end of the reporting period, the fund’s net assets totaled $42.6 million.

Riggs Large Cap Growth Fund

This fund is managed to help investors pursue capital appreciation by investing in a portfolio of the largest growth companies traded on U.S. stock markets. Class R Shares produced a total return of (31.27)%, or (32.64)% adjusted for the 2% redemption fee.¹ The return was due to decline in net asset value. Net assets in the fund totaled $22.4 million at the end of the reporting period.

Riggs U.S. Government Securities Fund

This fund’s government-focused bond portfolio paid Class R Share dividends totaling $0.25 per share. The Class R Shares net asset value increased from $9.93 to $10.30. The dividends and net asset value increase resulted in a total return of 6.31%, or 4.31% adjusted for the 2% redemption fee.¹ Class Y Shares paid dividends totaling $0.26 per share, while net asset value increased from $9.93 to $10.30. The dividends and net asset value increase resulted in a total return of 6.45%.¹ The fund’s net assets totaled $105.0 million at the end of the reporting period.

Riggs Bond Fund

This fund is managed to help investors pursue a high level of current income through a portfolio of investment grade corporate bonds and government bonds. Class R Shares paid dividends totaling $0.26 per share, while the net asset value increased from $10.50 to $10.92. As a result, Class R Shares produced a total return of 6.54%, or 4.54% adjusted for the 2% redemption fee.¹ Net assets in the fund totaled $33.6 million at the end of the reporting period.

Riggs Intermediate Tax Free Bond Fund

Designed for tax-sensitive investors, this fund pursues a high level of income free of federal income tax through a portfolio of intermediate-term, investment grade municipal bonds.³ Class R Shares paid dividends totaling $0.21 per share, while net asset value increased by $0.22. As a result, Class R Shares produced a total return of 4.22%, or 2.22% adjusted for the 2% redemption fee.¹ Net assets in the fund totaled $56.3 million at the end of the reporting period.

Riggs Long Term Tax Free Bond Fund

This fund is also managed to help tax-sensitive investors pursue a high level of income free of federal income tax—through a portfolio of long-term, investment grade municipal bonds.³ Class R Shares paid dividends totaling $0.22 per share, while net asset value increased by $0.31. As a result, Class R Shares produced a total return of 5.16%, or 3.16% adjusted for the 2% redemption fee.¹ Net assets in the fund totaled $54.6 million at the end of the reporting period.

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Riggs Prime Money Market Fund

This fund helps shareholders earn daily income on their ready cash through a portfolio of high-quality money market securities.† The fund’s Class R Shares paid a dividend of $0.01 per share and Class Y Shares paid a dividend of $0.02 per share.¹ The fund ended the reporting period with total net assets of $282.8 million.

Riggs U.S. Treasury Money Market Fund

This is the most conservative Riggs fund, which is managed to help shareholders earn daily income on their ready cash through a portfolio of direct U.S. Treasury money market securities or repurchase agreements fully backed by U.S. Treasury securities.⁴ The fund’s portfolio of U.S. Treasury money market securities paid dividends totaling $0.01 per share for Class R Shares and $0.01 per share for Class Y Shares over the reporting period.¹ Net assets in the fund totaled $168.5 million at the end of the reporting period.

However near or far your financial goals are, thank you for pursuing them through the professional management and diversification of the Riggs Funds. We’ll continue to keep you up-to-date on your progress.

Sincerely,

/s/Peter J. Germain

Peter J. Germain
President
December 14, 2001

1 Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

2 Small company stocks have historically experienced greater volatility than average.

3 Income may be subject to the federal alternative minimum tax and state and local taxes.

4 An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds.

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INVESTMENT REVIEW

Riggs Stock Fund

Riggs Small Company Stock Fund

The reporting period from May 1, 2001 through October 31, 2001 saw drastic changes in the U.S. equity markets. The third quarter of 2001 marked the worst quarter of performance for equities since 1987 as investors attempted to preserve capital by switching more assets into cash and short-term U.S. Treasury securities. Even before the terrorist attack on September 11, stocks were already discounting a recession as corporations continued to warn about disappointing earnings prospects and increased layoffs. The attack aggravated this phenomenon, sharply curtailing consumer confidence and corporate spending, resulting in an increased likelihood that the U.S. economy had entered into a recession.

However, the equity markets appear to have priced in a longer and deeper recession than will likely be the case; hence, we consider the recent sell-off a buying opportunity. While the timing of an economic rebound has been pushed into next year, the combined effect of the Federal Reserve Board’s (the ‘‘Fed’’) actions to lower interest rates and the government’s action to provide fiscal stimulus yields an increased probability that this will be a relatively mild recession. Although we do not expect a sharp recovery next year, stocks are priced attractively relative to cash and bonds.

For the reporting period, the Standard & Poor’s 500 Index (‘‘S&P 500’’)¹ had a total return of (15.15)%, while the Russell 2000 Index² of small cap stocks had a total return of (10.34)%. The worst performing sectors were Technology, Capital Goods, and Consumer Cyclicals and Services (including transportation and travel-related stocks). The sectors that held up best were Healthcare and Communication Services.

For the reporting period, the Riggs Stock Fund performed somewhat below the return of its benchmark, the S&P 500, with a total return for Class R Shares of (18.55)%, or (20.18)% adjusted for the 2% redemption fee. The total return for Class Y Shares was (18.51)%. Recent factors that contributed to performance derived from the following:

• Greater-than-market exposure to companies and industries affected by the terrorist attack, including United Technologies Corp. (commercial aerospace supplier) and media companies AOL Time Warner, Inc. and Clear Channel Communications, Inc.

• Weaker-than-expected earnings reports from several companies in the portfolio, particularly in the Technology and Financial Services sectors

• Strong relative performance from a variety of individual stocks in the Energy, Healthcare, and Communications Services sectors,³ as well as our large position in Wal-Mart Stores Inc., which bucked the poor retail trend, helping to offset the negatives above

For the reporting period, the Riggs Small Company Stock Fund out-performed its benchmark, the Russell 2000 Index, with a total return for Class R shares of (7.75)%, or (9.60)% adjusted for the 2% redemption fee. The total return for Class Y Shares was (7.62)%. The excess performance was primarily attributable to stock selection, as we maintained our sector weights relatively close to those of our benchmark. In particular, the following stocks performed very well in the third quarter: Alliant Techsystems (defense contractor), Scholastic Corp. (children’s book publisher) and Weingarten Realty Investors (shopping center REIT). Offsetting these were numerous stocks that suffered from earnings warnings, including several technology stocks and a few airline stocks that had been very profitable investments prior to September 11.

We know that such turbulent periods can be difficult for investors; however, it is times like these when we believe that our disciplined approach to investing adds the most value to our clients’ portfolios. By maintaining this focus, we strive to fulfill your long-term goals.

Riggs Large Cap Growth Fund

For the reporting period from May 1,2001 through October 31, 2001, Class R Shares of the Riggs Large Cap Growth Fund generated a total return of (31.27)%, or (32.64)% adjusted for the 2% redemption fee, compared to a total return of (15.15)% on the S&P 500 and a total return of (18.47%) on the Nasdaq Composite Index⁴ over the same period. The fund’s under-performance of its benchmark (S&P 500) has largely been a result of the fund’s commitment to high growth, high price-to-earnings stocks in Technology and other sectors.

The six month reporting period was most decidedly marked by the September 11 terrorist attacks on the United States. The terrorist attacks halted trading for several days and sent the already volatile markets into a steep sell-off once they re-opened. The reporting period saw the continued slowdown in the overall economy and a massive fall off in business technology spending both prior to and following September 11. Many companies responded to the difficult business environment by announcing and enacting job reductions and/or corporate restructurings.

We too have worked to respond to these challenging times by balancing the fund’s exposure to the Technology sector by investing in healthcare, consumer/retail, financial, and industrial companies that are expected to deliver decent earnings performance despite the current economic slowdown. We also have adjusted cash reserves as appropriate to provide an additional buffer against potential market downturns. From time to time, we have raised cash reserves to relatively high levels and reduced equity holdings (including large cap holdings) to relatively low levels. Since the terrorist attacks on September 11, we generally have been adding stocks and reducing cash.

We know that market and economic conditions have been extremely difficult over the last few months, and that there is no guarantee these conditions will improve in the immediate future. While some investors may be unnerved by these conditions, we nevertheless find several reasons to be

1 The S&P 500 Index is an unmanaged capitalization-weighed index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged, and investments cannot be made in an index.

2 The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index. The index is unmanaged, and investments cannot be made in an index.

3 Funds that have a higher concentration of investments in a specific industry or sector, such as technology, may be subject to a higher degree of market risk than funds whose investments are more diversified.

4 The Nasdaq Composite Index is an unmanaged index that measures all Nasdaq domestic and non-U.S.-based common stocks listed on the Nasdaq Stock Market. The index is unmanaged, and investments cannot be made in an index.

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optimistic. First, even in the face of an economic slowdown, many of our companies have increased operating earnings. We believe their prospects may improve even further as the economy recovers. Second, monetary policy by the Fed and potential fiscal stimulus by the federal government have provided some support to the economy. Third, there are some tentative preliminary signs of a market bottom, as the market has regained its post-September 11 losses.

In challenging times such as these, it is difficult—but essential—to maintain a long-term investment perspective. It is our strategy to stay invested in growth companies, with a continued focus on technology stocks and also healthcare, financial, consumer/retail and industrial stocks. In addition, we will continue to explore selective buying opportunities in companies with positive fundamentals and positive projected earnings growth.

Riggs Bond Fund

Riggs U.S. Government Securities Fund

During the reporting period from May 1, 2001 through October 31, 2001, the U.S. fixed income markets have seen significant changes. The events on September 11 dramatically altered the former landscape. Prior to the attacks, the U.S. economy had been manifesting the classic signs of a manufacturing based recession, i.e. reduced inventory orders coupled with anemic production levels.

Since the attacks, the Fed has reduced the federal funds target rate an additional 150 basis points and remains poised to reduce rates further, if necessary. This aggressive action has resulted in the lowest Treasury bill rates since the Kennedy assassination in the 1960s. Further, since inflation (as measured by the Consumer Price Index (CPI)) was at 2.7% at the end of September, real rates of return (nominal rates less CPI) for short-dated Treasurys were negative for the first time since 1993. It is important to remember that the current crisis is not like the liquidity crisis we faced in 1998. The current situation is event-driven and thus likely to result in increased government spending and debt issuance. Reflecting this stimulative behavior, the bond market responded with a 105 basis point steepening of the yield curve (2-year vs. 30-year yields). Among sectors, Treasurys performed the best, benefiting from a flight to safety, while corporate bonds performed the worst. During the third quarter, the portfolio lagged the index due to its below benchmark duration.⁵ This conservative approach was taken based upon the lack of value offered by the bond market.

Going forward, perhaps the most difficult aspect is that there is no historical basis on which decisions can be made; this is truly uncharted territory. Every crisis since the attack on Pearl Harbor has yielded results reliant on the conditions prior to the “event”. There is no typical response regarding the elasticity of credit spreads or yield levels, and due to the lack of history, the fixed income markets are likely to be volatile. Based upon this type of environment, Riggs’ Investment Management Corp. (RIMCO) will look to emphasize both quality and liquidity within the portfolio. Once a clearer picture of the economy becomes apparent, we may look to capitalize on Corporate sectors that offer value.

5 Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

Riggs Intermediate Tax Free Fund

Riggs Long Term Tax Free Fund

During the reporting period from May 1, 2001 through October 31, 2001, the U.S. fixed income markets have seen significant changes. The events on September 11 dramatically altered the former landscape. Prior to the attacks, the U.S. economy had been manifesting the classic signs of a manufacturing based recession, i.e. reduced inventory orders coupled with anemic production levels.

Since the attacks, the Fed has reduced the federal funds target rate an additional 150 basis points and remains poised to reduce rates further, if necessary. This aggressive action has resulted in the lowest Treasury bill rates since the Kennedy assassination in the 1960s. Further, since inflation (as measured by the CPI) was at 2.7% at the end of September, real rates of return (nominal rates less CPI) for short-dated Treasurys were negative for the first time since 1993. It is important to remember that the current crisis is not like the liquidity crisis we faced in 1998. The current situation is event-driven and thus likely to result in increased government spending and debt issuance. Reflecting this stimulative behavior, the tax-exempt bond market responded with a 45 basis point steepening of the yield curve (2-year vs. 30-year yields). Among sectors, hospitals performed the best, while Transportation bonds performed the worst. During the third quarter, the portfolio lagged the index due to its below benchmark duration. This conservative approach was taken based upon the lack of value offered by the tax-exempt bond market.

Going forward, perhaps the most difficult aspect is that there is no historical basis on which decisions can be made; this is truly uncharted territory. Every crisis since the attack on Pearl Harbor has yielded results reliant on the conditions prior to the “event”. There is no typical response regarding the elasticity of credit spreads or yield levels, and due to the lack of history, the fixed income markets are likely to be volatile. Further, the attacks have caused major budgetary shortfalls at the state and local levels, and are likely going to result in increased issuance going into the fourth quarter of 2001 and the first quarter of 2002. Based upon this type of environment, RIMCO will look to emphasize both quality and liquidity within the portfolio.

Riggs U.S. Treasury Money Market Fund

Riggs Prime Money Market Fund

The reporting period from May 1, 2001 through October 31, 2001 was marked by the terrorist attacks that took place on September 11. The near-term impact from the attack includes weaker stocks, increased volatility, monetary and fiscal stimulus and steeper yield curves. The monetary stimulus came as the Fed continued to ease throughout the third quarter, lowering the Fed funds target rate by 25 basis points at the August 21 meeting, citing continued weakness in the economy. The Fed came in again on September 17 with a 50 basis point cut following the terrorist attack, bringing the rate to 3.00%, an almost 40 year low. The Fed has now eased a total of 400 basis points since the beginning of 2001.

The unemployment rate in September jumped to 4.9% from 4.5% and included a large drop in the manufacturing payroll, down a total of 1.1 million since July 2000. Gross Domestic Product came in at 0.3% for the second quarter, the lowest level in eight years, following a 1.2% rate in the first quarter. Consumer confidence in September dropped to its lowest level in over five years, fueling speculation that a recession might be deeper than anticipated.

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The average maturity of the Riggs U.S. Treasury Money Market Fund was extended slightly as we increased our exposure to Treasurys, viewed as a safe haven in volatile markets and uncertain times. The three-month and six-month Treasury bill rates were down 128 and 124 basis points, respectively, with the majority of that move occurring after the attacks. The yield on the two-year Treasury note plunged 77 basis points following the attacks and was down a total of 136 basis points for the third quarter to 2.80%, the lowest yield since 1958. The spread between the two-year and thirty-year Treasury widened out over 80 basis points following September 11 and got as wide as 274 basis points, an eight year high, due primarily to the dramatic drop in rates in the short end of the curve.

The average maturity of the Riggs Prime Money Market Fund was essentially unchanged, although we increased our exposure to corporate and commercial paper in an effort to enhance the yield of the fund. Yields were down dramatically in the short end of the market as evidenced by the fact that the average seven-day simple yield on taxable money market funds was at 2.55% in late September, its lowest level since reporting began in 1975.

We will continue to look for opportunities to enhance the yield of the funds going forward when rates look attractive versus repurchase agreements. We will monitor the various sectors as well as the yield curve to find the best investments for the funds.

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PORTFOLIO OF INVESTMENTS

Riggs Stock Fund

October 31, 2001 (unaudited)

Shares		Value
Common Stocks—98.2%
	Communications—5.6%
10,300	CenturyTel, Inc.	$     325,480
28,075	Qwest Communications International, Inc.	363,571
32,153	SBC Communications, Inc.	1,225,351
26,721	Verizon Communications, Inc.	1,330,973
	Total	3,245,375
	Consumer Non-Durables—6.6%
19,650	Anheuser-Busch Cos., Inc.	818,619
25,395	Avon Products, Inc.	1,189,248
14,775	Coca-Cola Co.	707,427
14,340	Kraft Foods, Inc., Class A	483,975
8,275	Procter & Gamble Co.	610,529
	Total	3,809,798
	Consumer Services—5.1%
35,755	(1) AOL Time Warner, Inc.	1,115,914
12,869	(1) Clear Channel Communications, Inc.	490,566
37,885	(1) Comcast Corp., Class A	1,357,798
	Total	2,964,278
	Distribution Services—1.7%
8,085	AmerisourceBergen Corp.	513,883
18,460	SYSCO Corp.	445,071
	Total	958,954
	Electronic Technology—11.1%
87,460	(1) Agere Systems, Inc., Class A	402,316
53,875	(1) Cisco Systems, Inc.	911,565
30,552	(1) EMC Corp.	376,401
55,151	Intel Corp.	1,346,787
11,588	(2) International Business Machines Corp.	1,252,315
21,295	(1) LSI Logic Corp.	360,950
8,520	(1) Lexmark International, Inc.	381,270
7,250	(1) QUALCOMM, Inc.	356,120
36,855	(1) Solectron Corp.	453,316
20,710	Texas Instruments, Inc.	579,673
	Total	6,420,713
	Energy—5.8%
20,276	BP PLC, ADR	980,142
13,180	El Paso Corp.	646,611
43,823	Exxon Mobil Corp.	1,728,817
	Total	3,355,570
	Finance—17.3%
52,980	American Express Co.	1,559,201
7,600	American International Group, Inc.	597,360
44,075	Citigroup, Inc.	2,006,294

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Riggs Stock Fund

Shares		Value
Common Stocks—continued
	Finance—continued
12,592	Fannie Mae	$  1,019,448
27,463	FleetBoston Financial Corp.	902,434
16,450	Hartford Financial Services Group, Inc.	888,300
27,160	J.P. Morgan Chase & Co.	960,378
10,970	State Street Corp.	499,574
38,189	Wells Fargo & Co.	1,508,465
	Total	9,941,454
	Health Services—1.1%
5,410	(1) Wellpoint Health Networks, Inc.	603,702
	Health Technology—13.6%
24,365	American Home Products Corp.	1,360,298
19,395	(1) Amgen, Inc.	1,102,024
12,115	Baxter International, Inc.	586,003
5,370	Bristol-Myers Squibb Co.	287,026
21,790	Johnson & Johnson	1,261,859
18,850	Medtronic, Inc.	759,655
11,370	Merck & Co., Inc.	725,520
41,867	Pfizer, Inc.	1,754,227
	Total	7,836,612
	Industrial Services—2.5%
21,490	Enron Corp.	298,711
10,690	(1) Noble Drilling Corp.	326,580
32,950	Waste Management, Inc.	807,275
	Total	1,432,566
	Process Industries—2.1%
36,065	Dow Chemical Co.	1,199,161
	Producer Manufacturing—9.4%
21,200	Alcoa, Inc.	684,124
60,075	General Electric Co.	2,187,331
26,687	Tyco International Ltd.	1,311,399
23,075	United Technologies Corp.	1,243,512
	Total	5,426,366
	Retail Trade—8.6%
18,425	CVS Corp.	440,358
22,395	(1) Costco Wholesale Corp.	847,203
24,500	Lowe’s Cos., Inc.	835,450
6,734	(1) Safeway, Inc.	280,471
25,015	Target Corp.	779,217
34,165	Wal-Mart Stores, Inc.	1,756,081
	Total	4,938,780
	Technology Services—5.4%
9,762	Adobe Systems, Inc.	257,717
20,595	(1) BEA Systems, Inc.	250,023
32,930	(1) Microsoft Corp.	1,914,880

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Riggs Stock Fund

Shares or Principal Amount		Value
Common Stocks—continued
	Technology Services—continued
31,765	(1) Oracle Corp.	$      430,733
10,670	(2) SAP AG (Systeme, Anwendungen, Produkte in der Datenverarbeitung), ADR	274,219
	Total	3,127,572
	Utilities—2.3%
18,140	(1) Calpine Corp.	448,965
13,340	Exelon Corp.	561,214
6,530	TXU Corp.	299,335
	Total	1,309,514
	Total Common Stocks (identified cost $51,145,691)	56,570,415
(3) Repurchase Agreement—1.0%
$576,000	Paine Webber, 2.50%, dated 10/31/2001, due 11/1/2001 (at amortized cost)	576,000
	Total Investments (identified cost $51,721,691)(4)	$57,146,415

(1) Non-income producing security.

(2) Certain share amounts on loan to broker.

(3) The repurchase agreement is fully collateralized by U.S. Treasury obligations based on market prices at the date of the portfolio.

(4) The cost of investments for federal tax purposes amounts to $51,721,691. The net unrealized appreciation of investments on a federal tax basis amounts to $5,424,724 which is comprised of $10,850,317 appreciation and $5,425,593 depreciation at October 31, 2001.

Note:    The categories of investments are shown as a percentage of net assets ($57,616,559) at October 31, 2001.

The following acronym is used throughout this portfolio:

ADR—American Depositary Receipt

See Notes which are an integral part of the Financial Statements

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PORTFOLIO OF INVESTMENTS

Riggs Small Company Stock Fund

October 31, 2001 (unaudited)

Shares		Value
Common Stocks—86.0%
	Commercial Services—5.8%
12,170	ABM Industries, Inc.	$     332,241
9,440	(1) Administaff, Inc.	212,306
13,190	(1) American Management Systems, Inc.	173,844
69,590	(1) Answerthink, Inc.	262,354
5,815	(1) F.Y.I., Inc.	209,049
7,765	FactSet Research Systems, Inc.	192,184
2,865	Fair, Isaac & Co., Inc.	136,231
17,413	(1) On Assignment, Inc.	282,265
42,325	(1) Spherion Corp.	304,740
20,114	(1) Watson Wyatt & Co. Holdings	354,811
	Total	2,460,025
	Consumer Durables—2.3%
15,080	D. R. Horton, Inc.	337,038
6,430	Ethan Allen Interiors, Inc.	205,824
6,610	Harman International Industries, Inc.	218,460
14,957	(1) Universal Electronics, Inc.	220,466
	Total	981,788
	Consumer Non-Durables—6.1%
4,615	(1) American Italian Pasta Co., Class A	187,969
10,640	(1) Columbia Sportswear Co.	304,198
5,480	(1) Constellation Brands, Inc., Class A	224,899
11,735	(1) Hain Celestial Group, Inc.	231,414
26,810	(1) NBTY, Inc.	228,689
8,210	(1) Scotts Co. (The), Class A	330,945
17,390	(1) Skechers USA, Inc., Class A	188,160
13,550	(1) Smithfield Foods, Inc.	285,227
26,730	(1) Vans, Inc.	383,843
14,282	Wolverine World Wide, Inc.	210,374
	Total	2,575,718
	Consumer Services—6.7%
21,827	(1) Boca Resorts, Inc., Class A	204,082
13,015	(1) Corinthian Colleges, Inc.	475,438
17,650	(1) Information Holdings, Inc.	386,711
14,561	(1) Jack in the Box, Inc.	358,201
13,605	(1) Kroll, Inc.	217,680
11,125	(1) Rare Hospitality International, Inc.	202,809
22,509	Regis Corp.	478,541
13,595	Ruby Tuesday, Inc.	234,378
6,126	(1) Scholastic Corp.	273,832
	Total	2,831,672
	Distribution Services—0.7%
10,950	(1) Performance Food Group Co.	321,820

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Riggs Small Company Stock Fund

Shares		Value
Common Stocks—continued
	Electronic Technology—10.7%
20,770	(1) AXT, Inc.	$     226,808
29,497	(1) (2) Aeroflex, Inc.	432,721
2,363	(1) Alliant Techsystems, Inc.	206,195
12,780	(1) Alpha Industries, Inc.	297,518
5,450	(1) (2) AstroPower, Inc.	209,880
36,310	(1) Axcelis Technologies, Inc.	476,024
9,595	(1) (2) Brooks Automation, Inc.	309,727
10,115	(1) Cymer, Inc.	211,403
12,070	(1) Excel Technology, Inc.	187,568
33,535	(1) Kopin Corp.	422,206
17,375	(1) LTX Corp.	285,992
11,720	(1) Photronics, Inc.	290,890
28,625	(1) SBS Technologies, Inc.	439,394
27,420	(1) (2) Terayon Communication Systems, Inc.	311,217
10,130	(1) Triumph Group, Inc.	260,240
	Total	4,567,783
	Energy—5.2%
16,125	(1) Lone Star Technologies, Inc.	265,095
16,520	Massey Energy Co.	338,660
30,396	(1) Nuevo Energy Co.	428,584
16,200	(1) Plains Resources, Inc.	442,260
20,880	Vintage Petroleum, Inc.	365,191
19,905	(2) XTO Energy, Inc.	358,290
	Total	2,198,080
	Finance—8.2%
5,708	Apartment Investment & Management Co., Class A	239,565
7,966	(1) BankUnited Financial Corp., Class A	116,304
14,455	Boston Private Financial Holdings, Inc.	293,581
4,340	Commerce Bancorp, Inc.	316,820
5,935	Cullen/Frost Bankers, Inc.	160,008
11,462	(1)(2) Financial Federal Corp.	286,550
13,744	First American Corp.	228,838
25,929	First Charter Corp.	422,643
13,468	Hudson United Bancorp	350,033
6,970	Raymond James Financial, Inc.	203,733
8,755	Staten Island Bancorp, Inc.	253,370
10,582	Sterling Bancorp	283,598
6,602	Weingarten Realty Investors	330,364
	Total	3,485,407
	Health Services—5.8%
4,306	(1) AdvancePCS, Inc.	261,676
3,260	(1) Cerner Corp.	175,225
13,060	(1) Coventry Health Care, Inc.	280,006
41,343	Hooper Holmes, Inc.	283,200
23,845	(2) Owens & Minor, Inc.	419,910

10

Riggs Small Company Stock Fund

Shares		Value
Common Stocks—continued
	Health Services—continued
15,065	(1) Priority Healthcare Corp., Class B	$     435,228
6,680	(1) Renal Care Group, Inc.	209,752
10,555	(1) Universal Health Services, Inc., Class B	426,316
	Total	2,491,313
	Health Technology—7.8%
12,736	(1) (2) Cell Therapeutics, Inc.	382,462
4,602	(1) Cephalon, Inc.	290,156
27,195	(1) Eclipsys Corp.	339,666
9,855	(1) (2) Enzo Biochem, Inc.	202,225
31,912	(1) Guilford Pharmaceuticals, Inc.	346,564
12,349	(1) IDEXX Laboratories, Inc.	311,195
10,632	(1) Lumenis Ltd.	211,577
9,920	(1) Protein Design Labs, Inc.	327,459
11,390	(1) Respironics, Inc.	383,615
4,711	Varian Medical Systems, Inc.	316,108
26,301	(1) XOMA Ltd.	196,468
	Total	3,307,495
	Industrial Services—5.1%
11,964	(1) Anixter International, Inc.	296,707
13,710	(1) Cal Dive International, Inc.	286,402
25,630	(1) Casella Waste Systems, Inc.	299,615
15,133	(1) (2) Insituform Technologies, Inc., Class A	289,948
8,700	(1) Precision Drilling Corp.	220,806
17,320	(1) Pride International, Inc.	222,735
10,299	(1) (2) Shaw Group, Inc. (The)	283,222
10,750	(1) Tetra Tech, Inc.	278,210
	Total	2,177,645
	Non-Energy Minerals—1.1%
9,255	Florida Rock Industries, Inc.	260,991
14,147	(1) Stillwater Mining Co.	220,552
	Total	481,543
	Process Industries—2.5%
6,770	AptarGroup, Inc.	203,777
7,730	Cambrex Corp.	286,010
18,346	Delta & Pine Land Co.	331,145
4,275	OM Group, Inc.	258,851
	Total	1,079,783
	Producer Manufacturing—5.0%
21,567	(1) A.S.V., Inc.	222,140
41,127	(1) DuraSwitch Industries, Inc.	359,861
19,310	(1) Global Power Equipment Group, Inc.	289,457
6,625	(1) Mettler-Toledo International, Inc.	304,154
11,162	Oshkosh Truck Corp.	427,505

11

Riggs Small Company Stock Fund

Shares or Principal Amount		Value
Common Stocks—continued
	Producer Manufacturing—continued
7,635	Roper Industries, Inc.	$      323,724
18,250	(1) Steel Dynamics, Inc.	189,800
	Total	2,116,641
	Retail Trade—7.4%
12,627	(1) American Eagle Outfitters, Inc.	345,980
9,025	(1) AnnTaylor Stores Corp.	198,550
14,760	(1) Genesco, Inc.	269,370
16,985	(1) Linens ’N Things, Inc.	309,127
7,540	(1) Michaels Stores, Inc.	387,330
24,445	Midas, Inc.	250,561
20,800	(1) (2) Rent-A-Center, Inc.	566,800
19,414	(1) Steven Madden Ltd.	174,726
8,353	(1) (2) Whole Foods Market, Inc.	290,267
19,134	(1) (2) Yankee Candle Co., Inc. (The)	350,152
	Total	3,142,863
	Technology Services—1.2%
13,388	(1) (2) Insight Enterprises, Inc.	217,555
30,125	(1) Ulticom, Inc.	289,200
	Total	506,755
	Transportation—2.4%
16,275	(1) Atlantic Coast Airlines Holdings, Inc.	305,645
25,023	(1) Frontier Airlines, Inc.	273,752
39,026	(1) Mesa Air Group, Inc.	208,789
13,926	SkyWest, Inc.	254,846
	Total	1,043,032
	Utilities—2.0%
18,970	Energen Corp.	464,765
20,335	NorthWestern Corp.	391,449
	Total	856,214
	Total Common Stocks (identified cost $34,924,227)	36,625,577
Mutual Fund—4.7%
23,525	(2) I Shares, Russell 2000 Index Fund (identified cost $2,325,609)	2,001,978
(3) Repurchase Agreement—9.2%
$3,919,000	Paine Webber, 2.50%, dated 10/31/2001, due 11/1/2001 (at amortized cost)	3,919,000
	Total Investments (identified cost $41,168,836)(4)	$42,546,555

(1) Non-income producing security.

(2) Certain shares amounts on loan to broker.

(3) The repurchase agreement is fully collateralized by U.S. Treasury obligations based on market prices at the date of the portfolio.

(4) The cost of investments for federal tax purposes amounts to $41,168,836. The net unrealized appreciation of investments on a federal tax basis amounts to $1,377,719 which is comprised of $4,527,644 appreciation and $3,149,925 depreciation at October 31, 2001.

Note:    The categories of investments are shown as a percentage of net assets ($42,573,675) at October 31, 2001.

See Notes which are an integral part of the Financial Statements

12

PORTFOLIO OF INVESTMENTS

Riggs Large Cap Growth Fund

October 31, 2001 (unaudited)

Shares		Value
Common Stocks—95.0%
	Banks Major Regional—4.8%
27,000	Wells Fargo & Co.	$  1,066,500
	Biotechnology—2.4%
8,600	(1) Invitrogen Corp.	527,524
	Communications Equipment—1.2%
17,000	(1) CIENA Corp.	276,420
	Computers & Peripherals—4.5%
9,300	International Business Machines Corp.	1,005,051
	Computers Software & Services—17.3%
28,500	(1) BEA Systems, Inc.	345,990
17,500	(1) Check Point Software Technologies Ltd.	516,600
7,000	(1) Mercury Interactive Corp.	166,740
13,650	(1) Microsoft Corp.	793,747
12,000	(1) Netegrity, Inc.	140,880
55,000	(1) Oracle Corp.	745,800
14,550	(1) Siebel Systems, Inc.	237,602
24,000	(1) Sonicwall, Inc.	340,800
11,000	(1) Veritas Software Corp.	312,180
6,900	(1) Verisign, Inc.	267,099
	Total	3,867,438
	Electric Companies—3.7%
31,400	(1) Mirant Corp.	816,400
	Electrical Equipment—8.9%
54,800	General Electric Co.	1,995,268
	Electronic-Instruments—2.5%
15,750	(1) Waters Corp.	558,967
	Entertainment—3.4%
24,300	(1) AOL Time Warner, Inc.	758,403
	Financials Diversified—5.3%
26,100	Citigroup, Inc.	1,188,072
	Health Care-Drugs/Pharmaceuticals—13.0%
11,700	Lilly (Eli) & Co.	895,050
12,300	Merck & Co., Inc.	784,863
29,500	Pfizer, Inc.	1,236,050
	Total	2,915,963
	Health Care-Medical Products/Supplies—3.6%
19,900	Medtronic, Inc.	801,970
	Health Care Special Services—1.8%
11,000	(1) Impath, Inc.	405,570
	Insurance Multi-Line—4.0%
11,500	American International Group, Inc.	903,900
	Manufacturing Diversified—4.4%
20,000	Tyco International Ltd.	982,800

13

Riggs Large Cap Growth Fund

Shares or Principal Amount		Value
Common Stocks—continued
	Media—1.4%
15,800	(1) Gemstar-TV Guide International, Inc.	$      320,266
	Power Produces-Independent—1.9%
16,900	(1) Calpine Corp.	418,275
	Retail-General Merchandise Chain—3.3%
14,250	Wal-Mart Stores, Inc.	732,450
	Retail-Specialty—2.7%
24,400	(1) Bed Bath & Beyond, Inc.	611,464
	Retail Stores-Drug Store—2.5%
17,500	Walgreen Co.	566,650
	Services Commercial & Consumer—0.8%
7,500	Macrovision Corp.	184,575
	Utilities—1.6%
25,200	Enron Corp.	350,280
	Total Common Stocks (identified cost $29,434,413)	21,254,206
(2) Repurchase Agreements—5.0%
$560,000	Goldman Sachs Group, 2.49%, dated 10/31/2001, due 11/1/2001	560,000
561,000	Paine Webber, 2.50%, dated 10/31/2001, due 11/1/2001	561,000
	Total Repurchase Agreements (at amortized cost)	1,121,000
	Total Investments (identified cost $30,555,413)(3)	$22,375,206

(1) Non-income producing security.

(2) The repurchase agreements are fully collateralized by U.S. Treasury obligations based on market prices at the date of the portfolio.

(3) The cost of investments for federal tax purposes amounts to $30,555,413. The net unrealized depreciation of investments on a federal tax basis amounts to $8,180,207 which is comprised of $716,431 appreciation and $8,896,638 depreciation at October 31, 2001.

Note:    The categories of investments are shown as a percentage of net assets ($22,362,737) at October 31, 2001.

See Notes which are an integral part of the Financial Statements

14

PORTFOLIO OF INVESTMENTS

Riggs U.S. Government Securities Fund

October 31, 2001 (unaudited)

Principal Amount		Value
Corporate Bond—0.8%
	Finance—0.8%
$     766,589	EQCC Home Equity Loan Trust 1997-3, Class A8, 6.41%, 12/15/2004 (identified cost $766,469)	$       802,281
Government Agencies—62.9%
	Federal Agricultural Mortgage Association—1.9%
1,700,000	8.07%, 4/16/2007	2,010,046
	Federal Home Loan Mortgage Corporation—25.5%
2,025,291	6.00%, 4/1/2003	2,045,604
14,500,000	6.25%, 10/15/2002	15,068,835
1,613,603	6.50%, 7/1/2004	1,641,582
900,000	6.943%, 3/21/2007	1,013,922
6,500,000	7.375%, 5/15/2003	6,980,155
	Total	26,750,098
	Federal National Mortgage Association—21.4%
6,500,000	5.75%, 4/15/2003	6,810,375
14,500,000	6.75%, 8/15/2002	15,027,220
290,105	7.50%, 6/1/2012	306,876
214,238	9.50%, 6/25/2018	237,727
78,287	9.50%, 7/25/2019	87,359
	Total	22,469,557
	Government National Mortgage Association—13.0%
2,399,790	6.50%, 5/15/2028	2,483,039
7,655,018	7.00%, 8/15/2027	8,035,396
4,572	7.50%, 6/15/2026	4,829
13,196	7.50%, 10/15/2026	13,939
1,838,740	7.50%, 10/15/2027	1,938,731
1,056,455	8.00%, 10/15/2027	1,123,139
	Total	13,599,073
	Student Loan Marketing Association—1.1%
1,000,000	7.30%, 8/1/2012	1,184,220
	Total Government Agencies (identified cost $63,564,336)	66,012,994
U.S. Treasury Obligations—34.6%
	U.S. Treasury Bonds—16.4%
321,000	(1) 6.125%, 11/15/2027	371,792
2,164,000	(1) 6.125%, 8/15/2029	2,528,937
1,241,000	6.25%, 8/15/2023	1,433,082
1,245,000	(1) 6.50%, 11/15/2026	1,499,964
2,000,000	7.125%, 2/15/2023	2,534,160
1,250,000	(1) 7.25%, 8/15/2022	1,599,438
2,200,000	(1) 7.875%, 2/15/2021	2,964,038
2,800,000	(1) 8.00%, 11/15/2021	3,835,132
325,000	(1) 12.00%, 8/15/2013	474,948
	Total	17,241,491

15

Riggs U.S. Government Securities Fund

Principal Amount		Value
U.S. Treasury Obligations—continued
	U.S. Treasury Notes—18.2%
$16,876,478	(1) 3.50%, 1/15/2011	$   17,525,547
1,000	(1) 6.50%, 5/15/2005	1,110
1,400,000	(1) 7.00%, 7/15/2006	1,602,930
	Total	19,129,587
	Total U.S. Treasury Obligations (identified cost $32,893,677)	36,371,078
(2) Repurchase Agreement—1.1%
1,111,000	Paine Webber, 2.50%, dated 10/31/2001, due 11/1/2001 (at amortized cost)	1,111,000
	Total Investments (identified cost $98,335,482)	$104,297,353

(1) Certain principal amounts on loan to broker.

(2) The repurchase agreement is fully collateralized by U.S. Treasury obligations based on market prices at the date of the portfolio.

(3) The cost of investments for federal tax purposes amounts to $98,919,305. The net unrealized appreciation of investments on a federal tax basis amounts to $5,378,048 at October 31, 2001.

Note:    The categories of investments are shown as a percentage of net assets ($104,969,157) at October 31, 2001.

See Notes which are an integral part of the Financial Statements

16

PORTFOLIO OF INVESTMENTS

Riggs Bond Fund

October 31, 2001 (unaudited)

Principal Amount		Value
Asset-Backed Securities—10.1%
$1,265,000	California Infrastructure & Economic Development Bank Special Purpose Trust 1997-1, Class A6, 6.31%, 9/25/2008	$  1,350,350
1,265,000	California Infrastructure & Economic Development Bank Special Purpose Trust 1997-1, Class A7, 6.42%, 9/25/2008	1,366,972
636,269	EQCC Home Equity Loan Trust 1997-3, Class A8, 6.41%, 12/15/2004	665,893
	Total Asset-Backed Securities (identified cost $3,155,242)	3,383,215
Collateralized Mortgage Obligations—10.2%
	Finance—10.2%
1,240,000	Federal Home Loan Mortgage Corp., Series 1602, Class PH, 6.00%, 4/15/2023	1,305,088
231,514	Federal National Mortgage Association, Series 1988-16, Class B, 9.50%, 6/25/2018	256,898
89,261	Federal National Mortgage Association, Series 1989-35, Class G, 9.50%, 7/25/2019	99,604
1,680,000	Prudential Home Mortgage Securities 1993-35, Class A7, 6.75%, 9/25/2008	1,757,045
21,004	Resolution Trust Corp. 1995-2, Class M1, 7.15%, 5/25/2029	21,589
	Total Collateralized Mortgage Obligations (identified cost $3,296,017)	3,440,224
Corporate Bonds—12.0%
	Finance—12.0%
500,000	Bank One Corp., Note, 7.60%, 5/1/2007	557,200
1,445,000	Countrywide Mortgage Investments, Note, 6.28%, 1/15/2003	1,496,500
366,000	J.P. Morgan Chase & Co., 7.25%, 6/1/2007	406,373
800,000	Merrill Lynch & Co., Inc., Note, 6.00%, 2/12/2003	832,136
691,000	Morgan Stanley, Dean Witter & Co., Note, 6.125%, 10/1/2003	727,208
	Total Corporate Bonds (identified cost $3,767,412)	4,019,417
Government Agencies—8.6%
	Federal Farm Credit Bank—2.5%
715,000	9.20%, 8/22/2005	851,243
	Federal Home Loan Mortgage Corp.—5.9%
1,900,000	6.25%, 10/15/2002	1,974,537
	Student Loan Marketing Association—0.2%
70,000	7.30%, 8/1/2012	82,895
	Total Government Agencies (identified cost $2,820,234)	2,908,675
Mortgage Backed Securities—19.3%
	Federal Home Loan Mortgage Corp.—0.2%
69,385	6.50%, 7/1/2004	70,588
	Federal National Mortgage Association—1.0%
324,804	7.50%, 6/1/2012	343,581
	Government National Mortgage Association—18.1%
2,572,102	6.50%, 5/15/2028	2,661,328
167,302	6.50%, 9/15/2028	172,739
1,806,948	7.00%, 8/15/2027	1,896,736
145,613	7.00%, 7/15/2028	152,121
848,107	7.50%, 6/15/2026	895,813
175,840	7.50%, 12/15/2026	185,731
44,846	7.50%, 1/15/2027	47,369

17

Riggs Bond Fund

Principal Amount		Value
Mortgage Backed Securities—continued
	Government National Mortgage Association—continued
$     22,944	7.50%, 4/15/2027	$         24,234
32,258	8.00%, 6/15/2026	34,380
16,327	8.00%, 8/15/2027	17,358
	Total	6,087,809
	Total Mortgage Backed Securities (identified cost $6,180,737)	6,501,978
U.S. Treasury Obligations—38.9%
	U.S. Treasury Bill—5.1%
1,715,000	(1) 2.17%, 1/24/2002	1,707,420
	U.S. Treasury Bonds—12.1%
1,174,000	(1) 6.125%, 8/15/2029	1,371,983
1,730,000	(1) 6.25%, 8/15/2023	1,997,769
519,000	(1) 6.50%, 11/15/2026	625,286
50,000	6.75%, 8/15/2026	61,885
	Total	4,056,923
	U.S. Treasury Notes—21.7%
6,409,757	3.50%, 1/15/2011	6,656,277
250,000	(1) 6.50%, 5/15/2005	277,620
317,000	(1) 5.875%, 11/15/2005	346,548
	Total	7,280,445
	Total U.S. Treasury Obligations (identified cost $12,406,046)	13,044,788
(2) Repurchase Agreement—0.6%
194,000	Paine Webber, 2.50%, dated 10/31/2001, due 11/1/2001 (at amortized cost)	194,000
	Total Investments (identified cost $31,819,688)(3)	$33,492,297

(1) Certain principal amounts on loan to broker.

(2) The repurchase agreement is fully collateralized by U.S. Treasury obligations based on market prices at the date of the portfolio.

(3) The cost of investments for federal tax purposes amounts to $31,883,307. The net unrealized appreciation of investments on a federal tax basis amounts to $1,608,990 at October 31, 2001.

Note:    The categories of investments are shown as a percentage of net assets ($33,595,644) at October 31, 2001.

See Notes which are an integral part of the Financial Statements

18

PORTFOLIO OF INVESTMENTS

Riggs Intermediate Tax Free Bond Fund

October 31, 2001 (unaudited)

Principal Amount		Value
Long-Term Municipals—97.9%
	Arizona—3.5%
$1,000,000	Maricopa County, AZ, Unified School District No. 97, GO UT, 5.20% (FGIC INS)/(Original Issue Yield: 5.30%), 7/1/2007	$  1,062,820
875,000	University Arizona, Revenue Bonds, 6.25% (Original Issue Yield: 6.33%), 6/1/2004	911,741
	Total	1,974,561
	Florida—1.8%
1,000,000	Osceola County, FL, Transportation Revenue Bonds, Osceola Parkway Project, 6.10% (MBIA INS), 4/1/2017	1,032,740
	Georgia—3.6%
1,000,000	Georgia Municipal Electric Authority, Refunding Revenue Bonds (Series A), 4.90% (Original Issue Yield: 4.95%), 1/1/2003	1,030,300
950,000	Georgia Municipal Electric Authority, Refunding Revenue Bonds (Series Z), 5.10% (FSA INS)/(Original Issue Yield: 5.15%), 1/1/2005	1,012,615
	Total	2,042,915
	Hawaii—9.6%
2,000,000	Hawaii State, GO UT (Series CB), Refunding Bonds, 5.75% (Original Issue Yield: 5.90%), 1/1/2007	2,212,400
1,000,000	Hawaii State, GO UT (Series CL), 5.10% (Original Issue Yield: 5.15%), 3/1/2006	1,074,380
1,000,000	Hawaii State, GO UT (Series CM), 6.00% (FGIC INS), 12/1/2005	1,115,880
1,000,000	Honolulu, HI, City & County, GO UT (Series B), Refunding Bonds, 5.00% (Original Issue Yield: 5.05%), 10/1/2002	1,025,740
	Total	5,428,400
	Illinois—16.3%
1,000,000	Chicago, IL, O’Hare International Airport, (Series A), 6.375% (MBIA INS)/(Original Issue Yield: 6.735%), 1/1/2012	1,105,720
1,000,000	Chicago, IL, O’Hare International Airport, Revenue Bonds (Series A), 5.375% (AMBAC INS)/(Original Issue Yield: 5.50%), 1/1/2007	1,082,710
1,000,000	Chicago, IL, Public Building Commission, Revenue Bonds (Series C), 5.80% (Park District)/(FGIC INS)/(Original Issue Yield: 5.886%), 1/1/2013	1,060,640
1,550,000	Chicago, IL, GO UT Refunding Bonds, 6.30% (AMBAC INS)/(Original Issue Yield: 6.40%), 1/1/2005	1,703,590
1,000,000	Chicago, IL, GO UT, 5.40% (FGIC INS), 1/1/2005	1,076,810
1,000,000	Chicago, IL, GO UT, 5.80% (FGIC INS)/(Original Issue Yield: 5.82%), 1/1/2013	1,060,640
1,000,000	Lake County, IL (Series A), Water & Sewer Refunding Revenue Bonds, 5.50% (AMBAC INS)/(Original Issue Yield: 5.65%), 12/1/2009	1,054,660
1,000,000	Northern Cook County, IL, Solid Waste Agency, Resource Recovery Improvement Bonds, 6.30% (MBIA INS)/(Original Issue Yield: 6.40%), 5/1/2004	1,027,400
	Total	9,172,170
	Kansas—3.7%
1,000,000	Johnson County, KS, Unified School District #233, GO UT, 5.25% (FGIC INS)/(Original Issue Yield: 5.30%), 9/1/2017	1,053,830
1,000,000	Topeka, KS (Series B), 5.00% (MBIA INS), 8/15/2016	1,023,320
	Total	2,077,150
	Louisiana—3.6%
2,000,000	Louisiana PFA, Refunding Revenue Bonds, 5.95% (AXA LOC), 6/15/2019	2,042,660
	Massachusetts—1.8%
1,000,000	Massachusetts HEFA (Series E), Refunding Revenue Bonds, 5.50% (Original Issue Yield: 6.30%), 10/1/2019	1,010,530
	Michigan—8.1%
1,000,000	Central Michigan University, Refunding Revenue Bonds, 6.00% (MBIA INS)/(Original Issue Yield: 6.40%), 10/1/2013	1,048,580
865,000	Michigan State Building Authority (Series I), Health, Hospital, Nursing Home Improvement Revenue Bonds, 5.40% (Original Issue Yield: 5.50%), 10/1/2005	940,307

19

Riggs Intermediate Tax Free Bond Fund

Principal Amount		Value
Long-Term Municipals—continued
	Michigan—continued
$   500,000	Redford Township, MI, GO UT, 5.00% (AMBAC INS)/(Original Issue Yield: 7.15%), 4/1/2009	$     516,195
1,000,000	White Cloud, MI, GO, 5.50% (Original Issue Yield: 5.75%), 5/1/2020	1,045,490
1,000,000	Wyoming, MI, Public Schools, GO UT, 5.25% (Original Issue Yield: 5.425%), 5/1/2017	1,029,650
	Total	4,580,222
	Minnesota—1.8%
1,000,000	Minneapolis, MN, Special School District No. 001, GO UT, 4.50% (Original Issue Yield: 4.30%), 2/1/2011	1,035,850
	Nevada—5.7%
1,000,000	Clark County, NV, School District, GO LT (Series B), 5.50% (FGIC INS), 6/15/2015	1,068,190
1,000,000	Clark County, NV, Passenger Facility Charge Revenue Bonds (Series A), 5.70% (AMBAC INS), 7/1/2002	1,023,040
1,000,000	Washoe County, NV, Hospital Facilities, Revenue Bonds, 6.00% (AMBAC INS)/(Original Issue Yield: 6.10%), 6/1/2009	1,092,530
	Total	3,183,760
	New Jersey—1.9%
1,000,000	West Deptford Township, NJ, GO, 5.375% (FGIC INS), 9/1/2018	1,057,530
	New Mexico—1.9%
1,000,000	Santa Fe, NM, Community College District, GO UT, 5.45% (Original Issue Yield: 5.55%), 8/1/2010	1,075,550
	Rhode Island—2.9%
1,535,000	Rhode Island Housing & Mortgage Finance Corp. (Series A), Refunding Revenue Bonds, 5.45% (AMBAC INS), 7/1/2004	1,609,064
	Texas—19.2%
1,000,000	Austin, TX, Hotel Occupancy, 5.625% (AMBAC INS)/(Original Issue Yield: 5.71%), 11/15/2019	1,052,760
1,000,000	Dallas-Fort Worth, TX, Regional Airport, Refunding Revenue Bonds, (Series A), 7.75% (FGIC INS), 11/1/2003	1,101,590
1,000,000	Harris County, TX, GO LT, Correctional Facility Improvement Bonds, 5.50% (Original Issue Yield: 5.55%), 10/1/2011	1,065,170
1,000,000	Johnson County, TX, GO UT, 5.00% (FSA INS)/(Original Issue Yield: 4.85%), 2/15/2016	1,020,670
1,000,000	Matagorda County, TX, Navigation District Number One, Refunding Revenue Bonds, 5.80% (Houston Light & Power Co.)/(MBIA INS)/(Original Issue Yield: 6.097%), 10/15/2015	1,012,300
1,000,000	Montgomery County, TX, GO, 5.50% (FGIC INS), 9/1/2017	1,053,160
1,000,000	North Texas Tollway Authority, Dallas North Tollway System Revenue Bonds (Series A), 5.10% (FGIC INS)/(Original Issue Yield: 5.20%), 1/1/2013	1,043,040
1,000,000	San Antonio, TX, Electric & Gas, Refunding Revenue Bonds, 5.50% (Original Issue Yield: 5.625%), 2/1/2015	1,053,900
1,000,000	Spring, TX, Independent School District, 5.25%, 2/15/2019	1,015,160
845,000	Texas Water Development Board, Revenue Bonds, 3.95% (AMBAC INS), 8/15/2003	869,049
500,000	Weatherford, TX, Utility System, Revenue Bonds, 5.25% (FSA INS)/ (Original Issue Yield: 4.75%),9/1/2012	523,275
	Total	10,810,074
	Utah—3.7%
580,000	Intermountain Power Agency, Utah (Series B), Refunding Revenue Bonds, 5.25% (Original Issue Yield: 5.79%), 7/1/2017	587,180
420,000	Intermountain Power Agency, Utah (Series B), Refunding Revenue Bonds, 5.25% (Original Issue Yield: 5.79%), 7/1/2017	429,584
440,000	Intermountain Power Agency, Utah (Series C), 5.00% (Original Issue Yield: 4.70%), 7/1/2004	463,558
560,000	Intermountain Power Agency, Utah (Series C), 5.00% (Original Issue Yield: 4.99%), 7/1/2004	592,351
	Total	2,072,673
	Virginia—1.2%
605,000	Chesapeake, VA, IDA, Public Facility Lease Revenue Bonds, 5.40% (MBIA INS)/(Original Issue Yield: 5.50%), 6/1/2005	653,999
	Washington—5.7%
1,000,000	Snohomish County, WA, School District No. 6, GO UT Refunding Bonds, 5.45% (FGIC INS),12/1/2005	1,096,090
1,000,000	Washington State Public Power Supply System (Series B), 5.40% (Original Issue Yield: 5.45%), 7/1/2005	1,078,910

20

Riggs Intermediate Tax Free Bond Fund

Principal Amount or Shares		Value
Long-Term Municipals—continued
	Washington—continued
$1,000,000	Washington State Public Power Supply System (Series C), 5.00% (AMBAC INS), 7/1/2003	$   1,043,120
	Total	3,218,120
	Wyoming—1.9%
1,000,000	Wyoming Building Corp., Correctional Facility Improvement Revenue Bonds, 5.00% (AMBAC INS)/(Original Issue Yield: 5.05%), 10/1/2013	1,046,170
	Total Long-Term Municipals (identified cost $52,968,944)	55,124,138
Mutual Fund—0.9%
505,854	SEI Tax Exempt Money Market Fund (at amortized cost)	505,854
	Total Investments (identified cost $53,474,798)(1)	$55,629,992

(1) The cost of investments for federal tax purposes amounts to $53,408,041. The net unrealized appreciation of investments on a federal tax basis amounts to $2,221,951 which is comprised of $2,260,668 appreciation and $38,717 depreciation at October 31, 2001.

Note:    The categories of investments are shown as a percentage of net assets ($56,314,894) at October 31, 2001.

The following acronyms are used throughout this portfolio:

AMBAC	—American Municipal Bond Assurance Corporation	INS	—Insured
FGIC	—Financial Guaranty Insurance Corporation	LOC	—Letter of Credit
FSA	—Financial Security Assurance	LT	—Limited Tax
GO	—General Obligation	MBIA	—Municipal Bond Insurance Association
HEFA	—Health and Education Facilities Authority	PFA	—Public Facility Authority
IDA	—Industrial Development Authority	UT	—Unlimited Tax

See Notes which are an integral part of the Financial Statements

21

PORTFOLIO OF INVESTMENTS

Riggs Long Term Tax Free Bond Fund

October 31, 2001 (unaudited)

Principal Amount		Value
Long-Term Municipals—98.0%
	Alabama—1.9%
$1,000,000	Alabama State Public School & College Authority, Refunding Revenue Bonds, 5.125% (FSA INS)/(Original Issue Yield: 4.826%), 11/1/2014	$  1,057,190
	Alaska—0.7%
350,000	Alaska State Housing Finance Corp., Revenue Bonds (Series 1), Veterans Mortgage Program, 6.30% (GNMA INS), 12/1/2009	373,342
	Connecticut—0.0%
25,000	Madison, CT, GO UT, 4.875% (FGIC INS)/(Original Issue Yield: 5.00%), 12/15/2010	25,891
	District Of Columbia—3.0%
500,000	District of Columbia, Carnegie Endowment Revenue Bonds, 5.75% (Original Issue Yield: 5.75%), 11/15/2010	543,140
1,000,000	District of Columbia, Refunding Revenue Bonds, 5.50% (Catholic University of America)/(AMBAC INS), 10/1/2012	1,097,130
	Total	1,640,270
	Georgia—2.1%
1,000,000	Georgia Municipal Electric Authority, Revenue Bonds (Series Y), 6.40%, 1/1/2009	1,148,186
	Illinois—5.6%
300,000	Chicago, IL, Metropolitan Water Reclamation District, GO UT Refunding Bonds, 5.20% (Original Issue Yield: 5.25%), 12/1/2013	321,303
1,000,000	Illinois Department Central Management Services, COP, 5.50% (MBIA INS)/(Original Issue Yield: 5.55%), 7/1/2013	1,082,200
500,000	Metropolitan Pier & Exposition Authority, IL, Dedicated State Tax Refunding Revenue Bonds, 6.75% (Original Issue Yield: 6.85%), 6/1/2010	594,120
1,000,000	Winnebago & Boone County, IL, Community College # 511, GO UT, 5.25% (FGIC INS), 10/1/2017	1,035,590
	Total	3,033,213
	Indiana—3.9%
1,000,000	Central High School Building Corp., IN, Refunding Revenue Bonds, 5.50%, 8/1/2010	1,094,130
1,000,000	Evansville, IN, Redevelopment Authority, Recreational Facility Revenue Bonds, 5.45% (MBIA INS)/(Original Issue Yield: 5.50%), 1/1/2008	1,044,340
	Total	2,138,470
	Kentucky—2.1%
100,000	Fayette County, KY, School District, (Series C), 4.75% (Original Issue Yield: 4.749%), 10/1/2002	102,390
1,000,000	Louisville, KY, Refunding Revenue Bonds, 5.25% (FSA INS)/(Original Issue Yield: 5.36%), 11/15/2017	1,043,470
	Total	1,145,860
	Maryland—3.1%
365,000	Maryland State Community Development Administration, (Series A), 5.875% (Original Issue Yield: 5.874%), 7/1/2016	387,506
100,000	Maryland State, GO UT, 4.85% (Original Issue Yield: 4.90%), 4/15/2002	101,287
1,120,000	Prince Georges County, MD, COP Public Improvement Bonds, 6.00% (Real Estate Acquisition PG II)/(MBIA INS)/(Original Issue Yield: 6.185%), 9/15/2014	1,231,182
	Total	1,719,975
	Michigan—9.3%
655,000	Detroit, MI, City School District, GO UT Refunding Bonds, 5.40% (Q-SBLF INS)/(Original Issue Yield: 5.47%), 5/1/2013	676,058
1,000,000	Lincoln Park, MI, School District, GO UT, 7.00% (FGIC INS)/(Original Issue Yield: 5.95%), 5/1/2020	1,169,140
2,000,000	Michigan Municipal Bond Authority, Refunding Revenue Bonds, 5.375%, 10/1/2018	2,113,260
1,025,000	Michigan Municipal Bond Authority, Water Utility Improvements, Revenue Bonds, 5.875% (Original Issue Yield: 5.40%), 10/1/2017	1,145,243
	Total	5,103,701
	Minnesota—1.9%
1,000,000	Minneapolis, MN, Special School District No. 001 (Series B), COP School Improvement Bonds, 5.125%, 2/1/2014	1,035,250

22

Riggs Long Term Tax Free Bond Fund

Principal Amount		Value
Long-Term Municipals—continued
	Missouri—4.0%
$1,000,000	Missouri State Environmental Improvement & Energy Authority, (Series C), Sewer Improvement Revenue Bonds, 6.00%, 1/1/2016	$  1,098,294
1,000,000	Taney County, MO, Reorganized School District Number R-V, GO UT, 5.80%, 3/1/2017	1,061,060
	Total	2,159,354
	Nevada—1.9%
1,000,000	Henderson, NV Water & Sewer, GO (Series A), 5.25% (Original Issue Yield: 5.035%), 9/1/2014	1,048,130
	North Carolina—2.1%
1,000,000	North Carolina Eastern Municipal Power Agency, Refunding Revenue Bonds, 6.00% (AMBAC INS), 1/1/2018	1,140,490
	North Dakota—2.1%
1,055,000	North Dakota State Building Authority (Series B), Refunding Revenue Bonds, 5.00% (AMBAC INS), 12/1/2010	1,123,839
	Ohio—1.9%
1,000,000	Ohio State Public Facilities Commission (Series II-A), 4.50% (Original Issue Yield: 4.05%), 12/1/2002	1,025,800
	Pennsylvania—3.4%
800,000	Delaware County, PA Authority, Refunding Revenue Bonds, 6.35% (Widener University)/(AMBAC INS)/(Original Issue Yield: 6.449%), 6/15/2008	819,976
1,000,000	Pennsylvania Intergovernmental Coop Authority, Special Tax, 5.25% (FGIC INS)/(Original Issue Yield: 5.012%), 6/15/2015	1,049,530
	Total	1,869,506
	South Carolina—5.8%
1,000,000	Beaufort County, SC, School District, GO, 5.50%, 3/1/2016	1,065,990
2,000,000	Fairfield County, SC, PCR Bond, 6.50% (South Carolina Electric and Gas)/(MBIA INS), 9/1/2014	2,123,080
	Total	3,189,070
	South Dakota—2.0%
1,000,000	Pierre, SD, School District, GO UT, 5.70% (FSA INS)/(Original Issue Yield: 5.70%), 8/1/2017	1,080,290
	Texas—14.3%
1,000,000	Bell County, TX, HFDC, Refunding Revenue Bonds, 5.375% (FSA INS), 12/1/2013	1,068,070
500,000	Carroll, TX, Independent School District, GO UT Refunding Bonds (Series A), 5.00% (Original Issue Yield: 5.02%), 2/15/2016	506,825
1,000,000	Corpus Christi, TX, GO UT, 5.375% (FSA INS)/(Original Issue Yield: 4.88%), 3/1/2016	1,055,490
1,000,000	El Paso, TX, GO LT (Series 1998), 5.125% (FGIC INS)/(Original Issue Yield: 5.25%), 8/15/2015	1,032,900
1,000,000	Fort Worth, TX, Water & Sewer, Revenue Bonds, 5.75% (Original Issue Yield: 5.52%), 2/15/2017	1,081,660
2,000,000	North Texas Tollway Authority Dallas (Series A), 5.00% (FGIC INS)/(Original Issue Yield: 5.40%), 1/1/2017	2,015,160
1,000,000	Texas Water Development Board, Revenue Bonds, 5.25% (Original Issue Yield: 5.50%), 7/15/2015	1,031,630
	Total	7,791,735
	Virginia—1.7%
230,000	Henry County, VA, GO UT, 6.00% (Original Issue Yield: 6.25%), 7/15/2014	250,426
625,000	Virginia State Housing Development Authority (Series C), 6.20%, 5/1/2011	653,619
	Total	904,045
	Washington—16.5%
1,000,000	Clark County, WA, GO UT Refunding Bonds, 5.25%, 6/1/2015	1,045,830
1,500,000	King County, WA, GO UT, 3.00% (MBIA INS), 12/1/2002	1,514,400
1,000,000	Seattle, WA, Municipal Light & Power (Series A), 5.75% (Original Issue Yield: 6.13%), 8/1/2015	1,047,480
300,000	Seattle, WA, Municipal Light & Power (Series A), 6.00% (Original Issue Yield: 6.10%), 8/1/2014	314,799
1,000,000	Seattle, WA, (Series F), GO UT, 5.25% (Original Issue Yield: 5.02%), 12/15/2018	1,031,610
1,195,000	Snohomish County, WA, School District No. 103, GO UT, 5.55% (AMBAC INS)/(Original Issue Yield: 5.55%), 12/1/2002	1,238,223
1,725,000	Washington State Public Power Supply System (Series A), 6.25% (MBIA INS)/(Original Issue Yield: 6.411%), 7/1/2017	1,796,919

23

Riggs Long Term Tax Free Bond Fund

Shares or Principal Amount		Value
Long-Term Municipals—continued
	Washington—continued
$1,000,000	Washington State (Series B), GO UT, 5.00% (Original Issue Yield: 5.20%), 1/1/2017	$   1,012,360
	Total	9,001,621
	Wisconsin—7.7%
1,000,000	Green Bay, WI, IDA, GO UT Refunding Bonds (Series B), 5.90% (Original Issue Yield: 6.20%), 4/1/2010	1,046,240
1,000,000	Menomonee Falls, WI, Sewage System (Series A), Revenue Bonds, 5.65% (AMBAC INS)/(Original Issue Yield: 5.70%), 5/1/2016	1,053,090
1,000,000	Milwaukee County, WI (Series A), 5.00% (Original Issue Yield: 4.87%), 10/1/2016	1,028,720
1,000,000	Wisconsin State Transportation (Series A), 5.50% (FGIC INS)/(Original Issue Yield: 5.25%), 7/1/2015	1,077,370
	Total	4,205,420
	Wyoming—1.0%
500,000	Laramie County, WY, School District #2, GO UT, 5.90% (MBIA INS)/(Original Issue Yield: 5.90%), 6/1/2012	535,585
	Total Long-Term Municipals (identified cost $51,079,403)	53,496,233
Mutual Fund—3.6%
1,989,968	SEI Tax Exempt Money Market Fund (at amortized cost)	1,989,968
	Total Investments (identified cost $53,069,371)(1)	$55,486,201

(1) The cost of investments for federal tax purposes amounts to $53,069,371. The net unrealized appreciation of investments on a federal tax basis amounts to $2,416,830 which is comprised of $2,417,407 appreciation and $577 depreciation at October 31, 2001.

Note:    The categories of investments are shown as a percentage of net assets ($54,606,887) at October 31, 2001.

The following acronyms are used throughout this portfolio:

AMBAC	—American Municipal Bond Assurance Corporation	IDA	—Industrial Development Authority
COP	—Certificate of Participation	INS	—Insured
FGIC	—Financial Guaranty Insurance Company	LT	—Limited Tax
FSA	—Financial Security Assurance	MBIA	—Municipal Bond Investors Assurance
GNMA	—Government National Mortgage Association	PCR	—Pollution Control Revenue
GO	—General Obligation	Q-SBLF	—Qualified State Bond Loan Fund
HFDC	—Health Facility Development Corporation	UT	—Unlimited Tax

See Notes which are an integral part of the Financial Statements

24

PORTFOLIO OF INVESTMENTS

Riggs Prime Money Market Fund

October 31, 2001 (unaudited)

Principal Amount		Value
Certificate Of Deposit—10.6%
	Finance—10.6%
$  8,000,000	Citibank NA, New York, 3.420%, 11/23/2001	$    8,000,000
14,000,000	First Tennessee Bank, 3.410%-3.550%, 11/6/2001-11/20/2001	14,000,000
8,000,000	State Street Bank and Trust Co., 3.470%, 11/14/2001	8,000,000
	Total Certificate Of Deposit	30,000,000
Commercial Paper—52.9%
	Asset-Backed—4.2%
12,000,000	Asset One Securitization, 2.300%-2.470%, 11/15/2001-12/7/2001	11,980,600
	Finance—41.7%
13,000,000	American Express Credit Corp., 2.440%-2.460%, 11/20/2001-12/3/2001	12,976,068
14,000,000	Apreco, Inc., 2.400%-3.450%, 11/15/2001-11/28/2001	13,978,467
8,000,000	CXC, Inc., 2.080%, 1/28/2002	7,959,324
14,000,000	Charta Corp., 2.360%-3.220%, 11/2/2001-1/7/2002	13,972,932
14,000,000	Citibank Capital Markets Assets LLC, 2.470%, 11/9/2001-11/26/2001	13,982,984
14,000,000	Corporate Receivables Corp., 2.270%-2.450%, 11/13/2001-12/7/2001	13,978,393
7,000,000	New Center Asset Trust, (Series A1+P1), 3.330%, 11/9/2001	6,994,820
7,000,000	New Center Asset Trust, 3.450%, 11/2/2001	6,999,329
11,000,000	Sweetwater Capital, 2.420%-2.470%, 11/13/2001-12/4/2001	10,983,968
6,000,000	Tyco Capital Corp., 2.320%, 11/28/2001	5,989,560
10,000,000	Wells Fargo & Co., 2.280%-2.450%, 11/19/2001-12/6/2001	9,983,181
	Total	117,799,026
	Health Technology—4.9%
7,000,000	Amgen, Inc., 2.600%, 11/8/2001	6,996,461
7,000,000	GlaxoSmithKline PLC, 3.300%, 11/16/2001	6,990,375
	Total	13,986,836
	Utilities—2.1%
6,000,000	Salomon Smith Barney Holdings, Inc., 2.420%, 11/20/2001	5,992,337
	Total Commercial Paper	149,758,799
Corporate Bonds—8.1%
	Finance—8.1%
4,000,000	Commercial Credit Co., 6.200%, 11/15/2001	4,002,952
12,325,000	International Lease Finance Corp., 5.500%-5.900%, 1/15/2002-4/15/2002	12,409,809
5,000,000	Merrill Lynch & Co., Inc., 5.730%, 2/26/2002	5,024,908
1,550,000	(1) Norwest Financial, Inc., 6.375%, 11/15/2001	1,551,448
	Total Corporate Bonds	22,989,117
Corporate Notes—3.4%
	Finance—3.4%
6,500,000	Associates Corp. of North America, 5.500%, 2/15/2002	6,555,814
3,100,000	Bank of America Corp., 7.350%, 4/3/2002	3,147,745
	Total Corporate Notes	9,703,559

25

Riggs Prime Money Market Fund

Principal Amount		Value
Government Agencies—18.0%
	Federal Home Loan Bank System—8.8%
$6,800,000	3.900%, 7/3/2002	$     6,821,020
3,000,000	4.875%, 1/22/2002	3,016,318
5,000,000	5.125%, 2/26/2002	5,021,714
5,500,000	5.250%, 4/25/2002	5,523,968
4,330,000	6.750%, 2/15/2002	4,360,299
	Total	24,743,319
	Federal Home Loan Mortgage Corporation—1.8%
5,000,000	5.500%, 5/15/2002	5,038,491
	(1) Student Loan Marketing Association—7.4%
6,000,000	2.162%, 11/13/2001	6,000,000
8,000,000	2.192%, 11/13/2001	8,000,000
7,000,000	2.382%, 11/13/2001	7,000,000
	Total	21,000,000
	Total Government Agencies	50,781,810
(2) Notes-Variable—4.3%
	Finance—4.3%
5,000,000	Caterpillar Financial Services Corp., 3.610%, 12/10/2001	5,006,413
7,000,000	John Deere Capital Corp., 2.600%, 1/14/2002	7,002,829
	Total Notes-Variable	12,009,242
(3) Repurchase Agreement—2.5%
7,094,000	Paine Webber, 2.500%, dated 10/31/2001, due 11/1/2001	7,094,000
	Total Investments (at amortized cost)(4)	$282,336,527

(1) Certain principal amounts on loan to broker.

(2) Current rate and next reset date shown.

(3) The repurchase agreement is fully collateralized by U.S. Treasury obligations based on market prices at the date of the portfolio.

(4) Also represents cost for federal tax purposes.

Note:    The categories of investments are shown as a percentage of net assets ($282,799,493) at October 31, 2001.

See Notes which are an integral part of the Financial Statements

26

PORTFOLIO OF INVESTMENTS

Riggs U.S. Treasury Money Market Fund

October 31, 2001 (unaudited)

Principal Amount		Value
U.S. Treasury Bills—54.3%
$12,000,000	1.970%, 2/28/2002	$   11,921,856
12,000,000	2.100%, 1/17/2002	11,946,100
10,000,000	(1) 2.190%, 1/10/2002	9,957,417
10,000,000	2.220%, 1/24/2002	9,948,200
10,000,000	(1) 2.300%, 3/14/2002	9,915,028
10,000,000	(1) 3.235%, 2/14/2002	9,905,646
18,000,000	(1) 3.345%, 11/15/2001	17,976,585
10,000,000	(1) 6.375%, 11/29/2001	9,974,178
	Total U.S. Treasury Bills	91,545,010
(2) Repurchase Agreements—45.9%
20,000,000	Goldman Sachs & Group, LP, 2.490%, dated 10/31/2001, due 11/1/2001	20,000,000
20,000,000	Lehman Brothers, 2.450%, dated 10/31/2001, due 11/1/2001	20,000,000
7,281,000	Paine Webber, 2.500%, dated 10/31/2001, due 11/1/2001	7,281,000
30,000,000	Salomon Brothers, Inc., 2.500%, dated 10/31/2001, due 11/1/2001	30,000,000
	Total Repurchase Agreements	77,281,000
	Total Investments (at amortized cost)(3)	$168,826,010

(1) Certain Principal amounts on loan to a broker.

(2) The repurchase agreements are fully collateralized by U.S. Treasury obligations based on market prices at the date of the portfolio.

(3) Also represents cost for federal tax purposes.

Note:    The categories of investments are shown as a percentage of net assets ($168,524,809) at October 31, 2001.

See Notes which are an integral part of the Financial Statements

27

STATEMENTS OF ASSETS AND LIABILITIES

Riggs Funds

October 31, 2001 (unaudited)

	Stock Fund		Small Company Stock Fund		Large Cap Growth Fund		U.S. Government Securities Fund		Bond Fund
Assets:
Investments in securities, at value	$56,570,415		$38,627,555		$21,254,206		$103,186,353		$33,298,297
Investments in repurchase agreements	576,000		3,919,000		1,121,000		1,111,000		194,000
Total investments, at amortized cost and value	57,146,415		42,546,555		22,375,206		104,297,353		33,492,297
Cash	433		8,171		7,233		8,419		5,486
Collateral for securities loaned, at fair value	721,473		6,363,228		—		22,758,459		4,571,627
Income receivable	45,984		9,780		328		1,110,359		305,665
Receivable for shares sold	12,596		—		105		20,240		—
Receivable for investments sold	472,823		525,891		—		—		—
Total assets	58,399,724		49,453,625		22,382,872		128,194,830		38,375,075
Liabilities:
Income distribution payable	—		—		—		440,752		197,248
Payable for investments purchased	27,668		486,470		—		—		—
Payable upon return of securities loaned	721,473		6,363,228		—		22,758,459		4,571,627
Payable to bank	—		—		—		—		—
Payable for shares redeemed	—		—		1,020		—		—
Accrued expenses	34,024		30,252		19,115		26,462		10,556
Total liabilities	783,165		6,879,950		20,135		23,225,673		4,779,431
Net Assets	$57,616,559		$42,573,675		$22,362,737		$104,969,157		$33,595,644
Net Assets Consists of:
Paid in capital	$52,022,827		$44,987,213		$45,959,641		$100,837,469		$32,363,226
Net unrealized appreciation (depreciation) of investments	5,424,724		1,377,719		(8,180,207	)	5,961,871		1,672,609
Accumulated net realized gain (loss) on investments	269,965		(3,693,927	)	(15,326,424	)	(1,317,178	)	(191,306	)
Undistributed (distributions in excess of) net investment income	(100,957	)	(97,330	)	(90,273	)	(513,005	)	(248,885	)
Total Net Assets	$57,616,559		$42,573,675		$22,362,737		$104,969,157		$33,595,644
Class R Shares	$22,308,385		$14,266,174		$22,362,737		$   24,837,016		$33,595,644
Class Y Shares	$35,308,174		$28,307,501		—		$   80,132,141		—
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Net Asset Value and Offering Price Per Share
Class R Shares	$           7.29		$          10.35		$           4.44		$           10.30		$          10.92
Class Y Shares	$           7.35		$          10.45		—		$           10.30		—
Redemption Proceeds Per Share(1)
Class R Shares	$            7.14	(2)	$          10.14	(2)	$             4.35	(2)	$            10.09	(2)	$         10.70	(2)
Class Y Shares	$           7.35		$          10.45		—		$           10.30		—
Shares Outstanding:
Class R Shares	3,059,072		1,378,131		5,041,998		2,411,407		3,077,825
Class Y Shares	4,802,586		2,708,214		—		7,779,980		—
Investments, at identified cost and federal tax cost	$51,721,691		$41,168,836		$30,555,413		$   98,919,305		$31,883,307
Investments, at cost reflecting generally accepted accounting    principles	$51,721,691		$41,168,836		$30,555,413		$   98,335,482		$31,819,688

(1) See “What Do Shares Cost?” in the Prospectus.

(2) Computation of redemption proceeds per share: 98/100 of net asset value.

See Notes which are an integral part of the Financial Statements

28

STATEMENTS OF ASSETS AND LIABILITIES—continued

Riggs Funds

October 31, 2001 (unaudited)

	Intermediate Tax Free Bond Fund			Long Term Tax Free Bond Fund			Prime Money Market Fund			U.S. Treasury Money Market Fund
Assets:
Investments in securities, at value		$55,629,992			$55,486,201			$275,242,527			$   91,545,010
Investments in repurchase agreements		—			—			7,094,000			77,281,000
Total investments, at amortized cost and value		55,629,992			55,486,201			282,336,527			168,826,010
Cash		5,352			5,377			—			—
Collateral for securities loaned, at fair value		—			—			212,015			11,116,985
Income receivable		883,406			826,955			1,155,229			445,958
Receivable for shares sold		—			—			11,558			—
Receivable for investments sold		—			—			—			—
Total assets		56,518,750			56,318,533			283,715,329			180,388,953
Liabilities:
Income distribution payable		184,882			177,831			587,940			272,514
Payable for investments purchased		—			1,514,800			—			—
Payable upon return of securities loaned		—			—			212,015			11,116,985
Payable to bank		—			—			49,604			445,839
Payable for shares redeemed		—			—			17,628			—
Accrued expenses		18,974			19,015			48,649			28,806
Total liabilities		203,856			1,711,646			915,836			11,864,144
Net Assets		$56,314,894			$54,606,887			$282,799,493			$168,524,809
Net Assets Consists of:
Paid in capital		$54,097,311			$51,718,486			$283,083,070			$168,524,809
Net unrealized appreciation of investments		2,155,194			2,416,830			—			—
Accumulated net realized gain (loss) on investments		12,239			510,471			(863,612	)		—
Undistributed (distributions in excess of) net investment income		50,150			(38,900	)		580,035			—
Total Net Assets		$56,314,894			$54,606,887			$282,799,493			$168,524,809
Class R Shares		$56,314,894			$54,606,887			$     4,367,753			$     6,782,992
Class Y Shares		—			—			$238,431,740			$161,741,817
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Net Asset Value and Offering Price Per Share
Class R Shares		$          10.47			$          10.60			$               1.00			$               1.00
Class Y Shares		—			—			$               1.00			$               1.00
Redemption Proceeds Per Share(1)
Class R Shares		$            10.26	(2)		$           10.39	(2)		$               1.00			$               1.00
Class Y Shares		—			—			$               1.00			$               1.00
Shares Outstanding:
Class R Shares		5,379,828			5,152,442			44,366,687			6,782,992
Class Y Shares		—			—			238,712,847			161,741,817
Investments, at identified cost and federal tax cost		$53,408,041			$53,069,371			$282,336,527			$168,826,010
Investments, at cost reflecting generally accepted accounting    principles		$53,474,798			$53,069,371			$282,336,527			$168,826,010

(1) See “What Do Shares Cost?” in the Prospectus.

(2) Computation of redemption proceeds per share: 98/100 of net asset value.

See Notes which are an integral part of the Financial Statements

29

STATEMENTS OF OPERATIONS

Riggs Funds

October 31, 2001 (unaudited)

	Stock Fund		Small Company Stock Fund			Large Cap Growth Fund		U.S. Government Securities Fund			Bond Fund
Investment Income:
Dividends	$      398,362			$    172,135		$       76,011			—			—
Interest	25,128			103,737		53,611			$2,965,901			$1,023,474
Total investment income	423,490			275,872		129,622			2,965,901			1,023,474
Expenses:
Investment adviser fee	277,303			202,543		122,818			400,001			130,106
Administrative personnel and services fee	59,158			40,509		26,201			85,333			27,756
Custodian fees	7,395			5,064		3,275			10,667			3,469
Transfer and dividend disbursing agent fees and expenses	19,611			12,292		8,933			11,751			6,543
Trustees’ fees	1,181			1,114		439			1,252			295
Auditing fees	7,494			8,087		6,042			7,570			6,639
Legal fees	1,835			1,586		1,450			1,784			1,565
Portfolio accounting fees	793			1,492		369			640			87
Distribution services fee—Class R Shares	32,950			19,906		40,939			30,099			43,369
Shareholder services fee—Class R Shares	32,950			19,906		40,939			30,099			43,369
Shareholder services fee—Class Y Shares	59,485			43,388		—			103,235			—
Share registration costs	14,813			12,137		5,500			9,939			5,126
Printing and postage	7,630			6,081		3,084			2,555			1,723
Insurance premiums	497			433		432			480			225
Miscellaneous	1,352			1,322		413			985			884
Total expenses	524,447			375,860		260,834			696,390			271,156
Waivers:
Waiver of investment adviser fee	—			—		—			(213,334	)		(46,838	)
Waiver of distribution service fee—Class R Shares	—			—		(40,939	)		—			(43,369	)
Waiver of shareholder service fee—Class R Shares	—			—		—			(18,059	)		(26,021	)
Waiver of shareholder services fee—Class Y Shares	—			—		—			(61,941	)
Total waivers	—			—		(40,939	)		(293,334	)		(116,228	)
Net expenses	524,447			375,860		219,895			403,056			154,928
Net investment income/ (Net operating loss)	(100,957	)		(99,988	)	(90,273	)		2,562,845			868,546
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments	99,339			(368,728	)	(5,160,800	)		536,956			(75,919	)
Net change in unrealized appreciation (depreciation) of          investments	(14,393,585	)		(3,167,623	)	(6,922,600	)		3,445,537			1,427,872
Net realized and unrealized gain (loss) on investments	(14,294,246	)		(3,536,351	)	(12,083,400	)		3,982,493			1,351,953
Change in net assets resulting from operations	$(14,395,203	)		$(3,636,339	)	$(12,173,673	)		$6,545,338			$2,220,499

See Notes which are an integral part of the Financial Statements

30

STATEMENTS OF OPERATIONS—continued

Riggs Funds

October 31, 2001 (unaudited)

	Intermediate Tax Free Bond Fund			Long Term Tax Free Bond Fund			Prime Money Market Fund			U.S. Treasury Money Market Fund
Investment Income:
Interest		$1,442,300			$1,435,002			$5,734,221			$2,995,958
Total investment income		1,442,300			1,435,002			5,734,221			2,995,958
Expenses:
Investment adviser fee		218,938			214,133			749,609			408,608
Administrative personnel and services fee		46,707			45,681			239,875			130,755
Custodian fees		5,838			5,710			29,984			16,344
Transfer and dividend disbursing agent fees and expenses		6,659			6,557			27,150			11,588
Trustees’ fees		222			371			1,799			1,308
Auditing fees		6,970			6,978			7,049			7,260
Legal fees		1,080			1,057			1,350			1,183
Portfolio accounting fees		4,513			3,098			1,125			1,308
Distribution services fee—Class R Shares		72,980			71,378			127,482			14,346
Shareholder services fee—Class R Shares		72,980			71,378			63,741			7,173
Shareholder services fee—Class Y Shares		—			—			311,064			197,131
Share registration costs		7,266			5,854			13,202			10,578
Printing and postage		1,050			1,613			5,923			1,798
Insurance premiums		409			400			825			529
Miscellaneous		665			542			2,696			947
Total expenses		446,277			434,750			1,582,874			810,856
Waivers:
Waiver of investment adviser fee		(61,303	)		(57,102	)		—			—
Waiver of distribution service fee—Class R Shares		(72,980	)		(71,378	)		(63,741	)		(7,173	)
Waiver of shareholder service fee—Class R Shares		(43,787	)		(42,827	)		(38,243	)		(4,304	)
Waiver of shareholder services fee—Class Y Shares		—			—			(311,064	)		(197,131	)
Total waivers		(178,070	)		(171,307	)		(413,048	)		(208,608	)
Net expenses		268,207			263,443			1,169,826			602,248
Net investment income		1,174,093			1,171,559			4,564,395			2,393,710
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on investments		120,287			268,171			(1,152	)		—
Net change in unrealized appreciation (depreciation) of investments		1,069,877			1,419,939			—			—
Net realized and unrealized gain (loss) on investments		1,190,164			1,688,110			(1,152	)		—
Change in net assets resulting from operations		$2,364,257			$2,859,669			$4,563,243			$2,393,710

See Notes which are an integral part of the Financial Statements

31

STATEMENTS OF CHANGES IN NET ASSETS

Riggs Funds

	Stock Fund					Small Company Stock Fund					Large Cap Growth Fund
	Six Months (unaudited) Ended October 31, 2001			Year Ended April 30, 2001		Six Months (unaudited) Ended October 31, 2001			Year Ended April 30, 2001		Six Months (unaudited) Ended October 31, 2001			Year Ended April 30, 2001
Increase (Decrease) in Net Assets:
Operations—
Net investment income (net operating loss)		$      (100,957	)	$        (140,189	)		$         (99,988	)	$         28,950			$         (90,273	)	$        (367,423	)
Net realized gain (loss) on investments		99,339		5,157,084			(368,728	)	(2,864,983	)		(5,160,800	)	(8,743,401	)
Net change in unrealized appreciation (depreciation)     of investments		(14,393,585	)	(21,214,526	)		(3,167,623	)	1,559,118			(6,922,600	)	(33,351,490	)
Change in net assets resulting from operations		(14,395,203	)	(16,197,631	)		(3,636,339	)	(1,276,915	)		(12,173,673	)	(42,462,314	)
Distributions to Shareholders—
Distributions from net investment income
Class Y Shares		—		—			(26,292	)	—			—		—
Distributions from net realized gain on investments
Class R Shares		—		(8,277,084	)		—		(2,768,535	)		—		—
Class Y Shares		—		(18,433,087	)		—		(6,510,346	)		—		—
Change in net assets resulting from distributions              to shareholders		—		(26,710,171	)		(26,292	)	(9,278,881	)		—		—
Share Transactions—
Proceeds from sales of shares		2,189,933		6,461,250			1,791,989		4,347,882			453,454		5,088,493
Net asset value of shares issued to shareholders in     payment of distributions declared		—		6,982,840			170		1,845,056			—		—
Cost of shares redeemed		(18,423,905	)	(41,627,981	)		(11,086,061	)	(30,529,031	)		(9,936,425	)	(21,585,582	)
Change in net assets resulting from share              transactions		(16,233,972	)	(28,183,891	)		(9,293,902	)	(24,336,093	)		(9,482,971	)	(16,497,089	)
Change in net assets		(30,629,175	)	(71,091,693	)		(12,956,533	)	(34,891,889	)		(21,656,644	)	(58,959,403	)
Net Assets:
Beginning of period		88,245,734		159,337,427			55,530,208		90,422,097			44,019,381		102,978,784
End of period		$  57,616,559		$   88,245,734			$   42,573,675		$  55,530,208			$ 22,362,737		$  44,019,381
Undistributed net investment income (net operating     loss) included in net assets at end of period		$      (100,957	)	—			$         (97,330	)	$         28,950			$       (90,273	)	—
Net gain (loss) as computed for federal tax purposes		$         99,339		$     4,352,053			$       (368,728	)	$      (315,771	)		$  (5,160,800	)	$      (561,936	)

See Notes which are an integral part of the Financial Statements

32

STATEMENTS OF CHANGES IN NET ASSETS—continued Riggs Funds

	U.S. Government Securities Fund						Bond Fund						Intermediate Tax Free Bond Fund
	Six Months (unaudited) Ended October 31, 2001			Year Ended April 30, 2001			Six Months (unaudited) Ended October 31, 2001			Year Ended April 30, 2001			Six Months (unaudited) Ended October 31, 2001			Year Ended April 30, 2001
Increase (Decrease) in Net Assets:
Operations—
Net investment income	$	2,562,845		$	6,403,176		$	868,546		$	2,217,846		$	1,174,093		$	2,653,926
Net realized gain (loss) on investments		536,956			2,230,938			(75,919	)		411,594			120,287			125,807
Net change in unrealized appreciation of investments		3,445,537			3,325,422			1,427,872			1,496,539			1,069,877			1,589,562
Change in net assets resulting from operations		6,545,338			11,959,536			2,220,499			4,125,979			2,364,257			4,369,295
Distributions to Shareholders—
Distributions from net investment income
Class R Shares		(591,805	)		(1,444,226	)		(903,635	)		(2,217,818	)		(1,171,324	)		(2,653,998	)
Class Y Shares		(2,132,861	)		(4,898,156	)		—			—			—			—
Change in net assets resulting from distributions              to shareholders		(2,724,666	)		(6,342,382	)		(903,635	)		(2,217,818	)		(1,171,324	)		(2,653,998	)
Share Transactions—
Proceeds from sales of shares		5,229,043			10,050,348			1,568,919			5,147,075			1,015,500			4,808,828
Net asset value of shares issued to shareholders in     payment of distributions declared		345,575			248,733			12,117			3,172			3,093			8,001
Cost of shares redeemed		(14,139,395	)		(39,069,294	)		(7,160,277	)		(10,797,836	)		(5,379,512	)		(13,631,727	)
Change in net assets resulting from share              transactions		(8,564,777	)		(28,770,213	)		(5,579,241	)		(5,647,589	)		(4,360,919	)		(8,814,898	)
Change in net assets		(4,744,105	)		(23,153,059	)		(4,262,377	)		(3,739,428	)		(3,167,986	)		(7,099,601	)
Net Assets:
Beginning of period		109,713,262			132,866,321			37,858,021			41,597,449			59,482,880			66,582,481
End of period	$	104,969,157		$	109,713,262		$	33,595,644		$	7,858,021		$	56,314,894		$	59,482,880
Undistributed net investment income (net operating     loss) included in net assets at end of period	$	(513,005	)	$	68,230		$	(248,885	)	$	28		$	50,150		$	(207	)
Net gain (loss) as computed for federal tax purposes	$	536,956		$	20,477		$	(75,919	)	$	(153,961	)	$	120,287		$	(124,197	)

See Notes which are an integral part of the Financial Statements

33

STATEMENTS OF CHANGES IN NET ASSETS—continued

Riggs Funds

	Long Term Tax Free Bond Fund					Prime Money Market Fund				U.S. Treasury Money Market Fund
	Six Months (unaudited) Ended October 31, 2001			Year Ended April 30, 2001		Six Months (unaudited) Ended October 31, 2001		Year Ended April 30, 2001		Six Months (unaudited) Ended October 31, 2001		Year Ended April 30, 2001
Increase (Decrease) in Net Assets:
Operations—
Net investment income		$   1,171,559		$   2,746,600		$     4,564,395		$       17,690,103		$     2,393,710		$     9,256,941
Net realized gain (loss) on investments		268,171		350,023		(1,152	)	5,620		—		18,718
Net change in unrealized appreciation of     investments		1,419,939		1,608,402		—		—		—		—
Change in net assets resulting from              operations		2,859,669		4,705,025		4,563,243		17,695,723		2,393,710		9,275,659
Distributions to Shareholders—
Distributions from net investment income
Class R Shares		(1,171,738	)	(2,785,321	)	(682,517	)	(2,032,034	)	(71,130	)	(239,960	)
Class Y Shares		—		—		(3,881,878	)	(15,658,079	)	(2,322,580	)	(9,035,699	)
Distributions from net realized gain on     investments
Class R Shares		—		(242,914	)	—		—		—		—
Change in net assets resulting from              distributions to shareholders		(1,171,738	)	(3,028,235	)	(4,564,395	)	(17,690,113	)	(2,393,710	)	(9,275,659	)
Share Transactions—
Proceeds from sales of shares		307,209		2,784,260		356,784,416		1,155,645,686		158,650,809		329,216,992
Net asset value of shares issued to shareholders     in payment of distributions declared		3,261		6,452		1,208,285		5,295,816		233,510		927,718
Cost of shares redeemed		(4,872,548	)	(16,105,710	)	(422,019,714	)	(1,161,037,758	)	(155,096,118	)	(319,866,527	)
Change in net assets resulting from share              transactions		(4,562,078	)	(13,314,998	)	(64,027,013	)	(96,256	)	3,788,201		10,278,183
Change in net assets		(2,874,147	)	(11,638,208	)	(64,028,165	)	(90,646	)	3,788,201		10,278,183
Net Assets:
Beginning of period		57,481,034		69,119,242		346,827,658		346,918,304		164,736,608		154,458,425
End of period		$54,606,887		$57,481,034		$282,799,493		$   346,827,658		$168,524,809		$164,736,608
Undistributed net investment income (net     operating loss) included in net assets at     end of period		$        (38,900	)	$        (38,721	)	$        580,035		$           580,035		—		—
Net gain (loss) as computed for federal tax     purposes		$      268,171		$      350,023		$            (1,152	)	$               5,380		—		$          18,718

See Notes which are an integral part of the Financial Statements.

34

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35

FINANCIAL HIGHLIGHTS

Riggs Funds

(For a share outstanding throughout each period)

Year Ended April 30,	Net Asset Value, beginning of period		Net Investment Income (Net Operating Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Distributions From Net Investment Income			Distributions from Net Realized Gain on Investments			Distributions from Paid-in Capital(1)
Stock Fund R Shares
1997		$15.84		0.20			2.28			2.48			(0.20	)		(2.71	)		—
1998		$15.41		0.11			5.20			5.31			(0.11	)		(4.04	)		—
1999		$16.57		0.04			0.94			0.98			(0.04	)		(1.71	)		—
2000		$15.80		0.01			(0.38	)		(0.37	)		(0.01	)		(2.20	)		—
2001(4)		$13.22		(0.03	)(5)		(1.53	)		(1.56	)		—			(2.71	)		—
2001(6)		$  8.95		(0.02	)		(1.64	)		(1.66	)		—			—			—
Stock Fund Y Shares
2000(7)		$12.38		0.01			0.85			0.86			(0.01	)		—			—
2001		$13.23		0.00	(5)(9)		(1.50	)		(1.50	)		—			(2.71	)		—
2001(6)		$  9.02		(0.01	)		(1.66	)		(1.67	)		—			—			—
Small Company Stock Fund R Shares
1997		$14.10		(0.01	)		(0.47	)		(0.48	)		—			(0.82	)		—
1998		$12.80		(0.04	)		9.23			9.19			—			(3.19	)		—
1999		$18.80		(0.02	)		(5.66	)		(5.68	)		—			(1.85	)		—
2000		$11.27		(0.05	)(5)		1.94			1.89			—			—			—
2001(4)		$13.16		(0.02	)		(0.15	)		(0.17	)		—			(1.77	)		—
2001(6)		$11.22		(0.03	)		(0.84	)		(0.87	)		—			—			—
Small Company Stock Fund Y Shares
2000(7)		$11.50		0.00	(5)(9)		1.68			1.68			—			—			—
2001		$13.18		0.02			(0.11	)		(0.09	)		—			(1.77	)		—
2001(6)		$11.32		(0.02	)		(0.84	)		(0.86	)		(0.01	)		—			—
Large Cap Growth Fund R Shares
2000(7)		$10.00		—			1.73			1.73			—			—			(0.01	)
2001(4)		$11.72		0.00	(9)		(5.26	)		(5.26	)		—			—			—
2001(6)		$  6.46		(0.01	)		(2.01	)		(2.02	)		—			—			—
U.S. Government Securities Fund R Shares
1997		$  9.47		0.60			(0.07	)		0.53			(0.59	)		—			—
1998		$  9.41		0.56			0.37			0.93			(0.57	)		—			—
1999		$  9.77		0.52			0.06			0.58			(0.50	)		—			—
2000		$  9.85		0.50			(0.37	)		0.13			(0.51	)		—			—
2001		$  9.47		0.52			0.45			0.97			(0.51	)		—			—
2001(6)		$  9.93		0.23	(12)		0.39	(12)		0.62			(0.25	)		—			—
U.S. Government Securities Fund Y Shares
2000(7)		$  9.42		0.19			0.05			0.24			(0.19	)		—			—
2001		$  9.47		0.54			0.45			0.99			(0.53	)		—			—
2001(6)		$  9.93		0.25	(12)		0.38	(12)		0.63			(0.26	)		—			—
Bond Fund R Shares
2000(7)		$10.00		0.21			0.01			0.22			(0.21	)		—			—
2001		$10.01		0.58			0.49			1.07			(0.58	)		—			—
2001(6)		$10.50		0.27	(12)		0.41	(12)		0.68			(0.26	)		—			—
Intermediate Tax Free Bond Fund R Shares
2000(7)		$10.00		0.15			(0.02	)		0.13			(0.15	)		—			—
2001		$  9.98		0.43			0.27			0.70			(0.43	)		—			—
2001(6)		$10.25		0.21	(12)		0.22	(12)		0.43			(0.21	)		—			—
Long Term Tax Free Bond Fund R Shares
2000(7)		$10.00		0.16			0.01			0.17			(0.16	)		—			—
2001		$10.01		0.45			0.34			0.79			(0.46	)		(0.05	)		—
2001(6)		$10.29		0.22			0.31			0.53			(0.22	)		—			—
Prime Money Market Fund R Shares
1997		$  1.00		0.05			0.00	(9)		0.05			(0.05	)		—			—
1998		$  1.00		0.05			(0.00	)(9)		0.05			(0.05	)		—			—
1999		$  1.00		0.04			0.00	(9)		0.04			(0.04	)		—			—
2000		$  1.00		0.04			(0.00	)(9)		0.04			(0.04	)		—			—
2001		$  1.00		0.05			0.00	(9)		0.05			(0.05	)		—			—
2001(6)		$  1.00		0.01			0.00	(9)		0.01			(0.01	)		—			—
Prime Money Market Fund Y Shares
1997		$  1.00		0.05			0.00	(9)		0.05			(0.05	)		—			—
1998		$  1.00		0.05			(0.00	)(9)		0.05			(0.05	)		—			—
1999		$  1.00		0.05			0.00	(9)		0.05			(0.05	)		—			—
2000		$  1.00		0.05			(0.00	)(9)		0.05			(0.05	)		—			—
2001		$  1.00		0.06			0.00	(9)		0.06			(0.06	)		—			—
2001(6)		$  1.00		0.02			0.00	(9)		0.02			(0.02	)		—			—
U.S. Treasury Money Market Fund R Shares
1999(11)		$  1.00		0.03			—			0.03			(0.03	)		—			—
2000		$  1.00		0.04			(0.00	)(9)		0.04			(0.04	)		—			—
2001		$  1.00		0.05			0.00	(9)		0.05			(0.05	)		—			—
2001(6)		$  1.00		0.01			0.00	(9)		0.01			(0.01	)		—			—
U.S. Treasury Money Market Fund Y Shares
1997		$  1.00		0.05			—			0.05			(0.05	)		—			—
1998		$  1.00		0.05			—			0.05			(0.05	)		—			—
1999		$  1.00		0.04			—			0.04			(0.04	)		—			—
2000		$  1.00		0.04			(0.00	)(9)		0.04			(0.04	)		—			—
2001		$  1.00		0.05			0.00	(9)		0.05			(0.05	)		—			—
2001(6)		$  1.00		0.01			0.00	(9)		0.01			(0.01	)		—			—

36

								Ratios to Average Net Assets
Total Distributions			Net Asset Value, end of period		Total Return(2)			Expenses		Net Investment Income (Net Operating Loss)			Expense waiver/ reimbursement(3)			Net Assets, end of period (000 omitted)		Portfolio Turnover
	(2.91	)		$15.41		16.34	%	0.91	%		1.26	%		0.12	%		$  89,142		75	%
	(4.15	)		$16.57		39.68	%	0.93	%		0.63	%		0.07	%		$117,115		94	%
	(1.75	)		$15.80		6.50	%	1.22	%		0.26	%		0.26	%		$101,474		52	%
	(2.21	)		$13.22		(1.04	)%	1.41	%		0.08	%		0.14	%		$  51,968		79	%
	(2.71	)		$  8.95		(12.59	)%	1.52	%		(0.29	)%		0.01	%		$  30,385		95	%
	—			$  7.29		(18.55	)%	1.58	%		(0.44	)%		0.00	%		$  22,308		22	%
	(0.01	)		$13.23		6.98	%	1.20	%(8)		0.14	%(8)		0.12	%(8)		$107,045		79	%
	(2.71	)		$  9.02		(12.01	)%	1.27	%		(0.03	)%		0.01	%		$  57,861		95	%
	—			$  7.35		(18.51	)%	1.33	%		(0.18	)%		0.00	%		$  35,308		22	%
	(0.82	)		$12.80		(3.76	)%	1.00	%		(0.07	)%		0.46	%		$  27,777		93	%
	(3.19	)		$18.80		77.85	%	1.09	%		(0.26	)%		0.09	%		$  58,223		108	%
	(1.85	)		$11.27		(30.33	)%	1.37	%		(0.14	)%		0.26	%		$  38,728		100	%
	—			$13.16		16.77	%	1.60	%		(0.44	)%		0.13	%		$  33,163		116	%
	(1.77	)		$11.22		0.37	%	1.60	%		(0.14	)%		0.00	%(10)		$  16,637		146	%
	—			$10.35		(7.75	)%	1.66	%		(0.57	)%		0.00	%		$  14,266		88	%
	—			$13.18		14.61	%	1.37	%(8)		0.02	%(8)		0.11	%(8)		$  57,182		116	%
	(1.77	)		$11.32		1.04	%	1.35	%		0.12	%		0.00	%(10)		$  38,893		146	%
	(0.01	)		$10.45		(7.62	)%	1.41	%		(0.31	)%		0.00	%		$  28,308		88	%
	(0.01	)		$11.72		17.31	%	1.31	%(8)		(0.15	)%(8)		0.36	%(8)		$102,961		19	%
	—			$  6.46		(44.88	)%	1.22	%		(0.42	)%		0.26	%		$  44,019		62	%
	—			$  4.44		(31.27	)%	1.34	%		(0.55	)%		0.25	%		$  22,363		17	%
	(0.59	)		$  9.41		5.79	%	0.87	%		6.36	%		0.40	%		$  31,829		171	%
	(0.57	)		$  9.77		10.14	%	0.82	%		5.87	%		0.40	%		$  34,521		175	%
	(0.50	)		$  9.85		6.03	%	0.91	%		5.12	%		0.67	%		$  38,928		55	%
	(0.51	)		$  9.47		1.39	%	1.06	%		5.19	%		0.55	%		$  29,898		55	%
	(0.51	)		$  9.93		10.44	%	0.93	%		5.27	%		0.55	%		$  25,415		58	%
	(0.25	)		$10.30		6.31	%	0.95	%		4.60	%(12)		0.55	%		$  24,837		2	%
	(0.19	)		$  9.47		2.58	%	0.81	%(8)		5.57	%(8)		0.55	%(8)		$102,968		55	%
	(0.53	)		$  9.93		10.72	%	0.68	%		5.52	%		0.55	%		$  84,298		58	%
	(0.26	)		$10.30		6.45	%	0.70	%		4.86	%(12)		0.55	%		$  80,132		2	%
	(0.21	)		$10.01		2.18	%	1.00	%(8)		5.73	%(8)		0.67	%(8)		$  41,597		16	%
	(0.58	)		$10.50		10.94	%	0.87	%		5.63	%		0.67	%		$  37,858		42	%
	(0.26	)		$10.92		6.54	%	0.89	%		5.01	%(12)		0.67	%		$  33,596		7	%
	(0.15	)		$  9.98		1.31	%	1.00	%(8)		4.16	%(8)		0.61	%(8)		$  66,582		9	%
	(0.43	)		$10.25		7.08	%	0.89	%		4.18	%		0.61	%		$  59,483		25	%
	(0.21	)		$10.47		4.22	%	0.92	%		4.02	%(12)		0.61	%		$  56,315		10	%
	(0.16	)		$10.01		1.76	%	1.00	%(8)		4.57	%(8)		0.60	%(8)		$  69,119		0	%
	(0.51	)		$10.29		8.00	%	0.91	%		4.48	%		0.60	%		$  57,481		48	%
	(0.22	)		$10.60		5.16	%	0.92	%		4.10	%		0.60	%		$  54,607		14	%
	(0.05	)		$  1.00		4.57	%	1.01	%		4.58	%		0.17	%		$  26,263		—
	(0.05	)		$  1.00		4.92	%	1.00	%		4.51	%		0.18	%		$       508		—
	(0.04	)		$  1.00		4.49	%	1.03	%		4.25	%		0.46	%		$    8,422		—
	(0.04	)		$  1.00		4.53	%	1.07	%		4.55	%		0.40	%		$  23,842		—
	(0.05	)		$  1.00		5.32	%	1.07	%		5.13	%		0.40	%		$103,460		—
	(0.01	)		$  1.00		1.40	%	1.07	%		2.68	%		0.40	%		$  44,368		—
	(0.05	)		$  1.00		5.09	%	0.51	%		5.00	%		0.17	%		$372,037		—
	(0.05	)		$  1.00		5.22	%	0.58	%		5.11	%		0.11	%		$318,122		—
	(0.05	)		$  1.00		4.76	%	0.69	%		4.65	%		0.25	%		$425,054		—
	(0.05	)		$  1.00		4.90	%	0.72	%		4.83	%		0.25	%		$323,076		—
	(0.06	)		$  1.00		5.69	%	0.72	%		5.56	%		0.25	%		$243,367		—
	(0.02	)		$  1.00		1.58	%	0.72	%		3.12	%		0.25	%		$238,432		—
	(0.03	)		$  1.00		3.35	%	1.08	%(8)		3.86	%(8)		0.47	%(8)		$    3,309		—
	(0.04	)		$  1.00		4.20	%	1.10	%		4.20	%		0.40	%		$    4,373		—
	(0.05	)		$  1.00		5.11	%	1.08	%		5.03	%		0.40	%		$    5,449		—
	(0.02	)		$  1.00		1.32	%	1.07	%		2.48	%		0.40	%		$    6,783		—
	(0.05	)		$  1.00		4.83	%	0.57	%		4.74	%		0.13	%		$141,011		—
	(0.05	)		$  1.00		5.00	%	0.63	%		4.88	%		0.08	%		$117,424		—
	(0.04	)		$  1.00		4.49	%	0.72	%		4.39	%		0.25	%		$138,097		—
	(0.04	)		$  1.00		4.57	%	0.75	%		4.52	%		0.25	%		$150,085		—
	(0.05	)		$  1.00		5.48	%	0.73	%		5.35	%		0.25	%		$159,287		—
	(0.01	)		$  1.00		1.50	%	0.72	%		2.94	%		0.25	%		$161,742		—

See Notes which are an integral part of the Financial Statements

37

(1)	Represents a return of capital for federal income tax purposes.
(2)	Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
(3)	This voluntary expense decrease is reflected in both the expense and the net investment income (net operating loss) ratios shown above.
(4)	As of July 21, 2000, Class B shares were no longer offered. All Class B shares were converted to Class R shares.
(5)	Per share amount is based upon the average number of shares outstanding.
(6)	For the six months ended October 31, 2001 (unaudited).
(7)	Reflects operations for the period from December 20, 1999 (date of initial public investment) to April 30, 2000.
(8)	Computed on an annualized basis.
(9)	Per share amount does not round to $0.01 or $(0.01).
(10)	Percentage amount does not round to 0.01%.
(11)	Reflects operations for the period from July 7, 1998 (date of initial public investment) to April 30, 1999.
(12)	As required, effective May 1, 2001, the Fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies. The U.S. Government Securities Fund and Bond Fund began amortizing long-term market premiums and discounts on debt securities, and the Intermediate Tax-Free Bond Fund began amortizing long-term discounts on debt securities.
	The effect of this change for the six months ended October 31, 2001 resulted in the following adjustments:

	Net investment income per share			Net realized and unrealized gain/loss per share			Ratio of net investment income to average net assets
U.S. Government Securities Fund R Shares		(0.04	)		0.04			(0.69	)%
U.S. Government Securities Fund Y Shares		(0.03	)		0.03			(0.69	)%
Bond Fund R Shares		0.01			(0.01	)		(0.20	)%
Intermediate Tax-Free Bond Fund R Shares		0.00			0.00			0.01	%

Per share, ratios and supplemental data for the periods prior to October 31, 2001 have not been restated to reflect this change in presentation.

38

COMBINED NOTES TO FINANCIAL STATEMENTS

Riggs Funds

October 31, 2001 (unaudited)

Organization

Riggs Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of nine diversified portfolios (individually referred to as the “Fund”, or collectively as the “Funds”), which are presented herein:

Portfolio Name	Investment Objective
Riggs Stock Fund (”Stock Fund”)	Seeks to provide growth of capital and income.
Riggs Small Company Stock Fund (“Small Company Stock Fund”)	Seeks to provide long-term capital appreciation.
Riggs Large Cap Growth Fund (“Large Cap Growth Fund”)	Seeks to provide capital appreciation.
Riggs U.S. Government Securities Fund (“U.S. Government Securities Fund”)	Seeks to achieve current income.
Riggs Bond Fund (“Bond Fund”)	Seeks to provide as high a level of current income as is consistent with the preservation of capital.
Riggs Intermediate Tax Free Bond Fund (“Intermediate Tax Free Bond Fund”)	Seeks to provide a high level of current income which is exempt from federal income tax consistent with the preservation of principal.
Riggs Long Term Tax Free Bond Fund (“Long Term Tax Free Bond Fund”)	Seeks to provide a high level of current income which is exempt from federal income tax.
Riggs Prime Money Market Fund (“Prime Money Market Fund”)	Seeks to provide current income consistent with stability of principal and liquidity.
Riggs U.S. Treasury Money Market Fund (“U.S. Treasury Money Market Fund”)	Seeks to provide current income consistent with stability of principal and liquidity.

The assets of each portfolio are segregated and a shareholder’s interest is limited to the portfolio in which shares are held.

Previously, the Stock Fund and Small Company Stock Fund offered Class R, Class Y and Class B Shares, also the Large Cap Growth Fund offered Class R and Class B Shares. As of July 21, 2000, the Class B Shares for all three funds were no longer offered. All Class B Shares were converted to Class R Shares.

Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States.

Investment Valuations

U.S. government securities, listed corporate bonds (other fixed income and asset-backed securities), and unlisted securities and private placement securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Listed equity securities are valued at the last sale price reported on a primary national securities exchange. For the money market Funds within the Trust, the use of the amortized cost method to value portfolio securities is in accordance with Rule 2a-7 under the Act. For fluctuating net asset value Funds within the Trust, short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities purchased with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair market value. Securities for which there are no quotations readily available are valued at fair value as determined in good faith using methods approved by the Board of Trustees (the “Trustees”).

Repurchase Agreements

It is the policy of the Funds to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank’s vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement’s collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.

The Funds will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Funds’ adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Funds could receive less than the repurchase price on the sale of collateral securities.

39

Riggs Funds

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. Bond premium and discount, if applicable, are amortized/accreted as required by the Internal Revenue Code, as amended (the “Code”) and for financial reporting purposes. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. The Funds (except Bond Fund, Intermediate Tax Free Bond Fund, Large Cap Growth Fund and Long Term Tax Free Bond Fund) offer multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Funds based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Change in Accounting Principle

As required, effective May 1, 2001, the Trust adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies. The U.S. Government Securities Fund and Bond Fund began amortizing long-term market premiums and discounts and the Intermediate Tax Free Bond Fund began amortizing long-term discounts on debt securities. Prior to May 1, 2001, the U.S. Government Securities Fund and Bond Fund did not amortize long-term market premiums and discounts and the Intermediate Tax Free Bond Fund did not amortize long-term discounts on debt securities. The cumulative effect of this accounting change had no impact on total net assets of these Funds, but resulted in the following adjustments based on securities held by the funds on October 31, 2001:

	Undistributed (distribution in excess of) Net Investment Income			Accumulated net realized gain (loss) on Investments		Unrealized Appreciation/ Depreciation
U.S. Government Securities Fund		$(419,414	)		$178,935		$240,479
Bond Fund		(213,824	)		34,084		179,740
Intermediate Tax Free Bond Fund		47,588			—		(47,588	)

The effect of this change for the six months ended October 31, 2001 was as follows:

	Undistributed (distribution in excess of) Net Investment Income			Accumulated net realized gain (loss) on Investments		Unrealized Appreciation/ Depreciation
U.S. Government Securities Fund		$(366,808	)		$   23,464		$343,344
Bond Fund		(35,031	)		151,152		(116,121	)
Intermediate Tax Free Bond Fund		2,562			16,607		(19,169	)

The statement of changes in net assets and financial highlights for prior periods have not been restated to reflect this change in presentation. For the Funds of the Trust not indicated above, the adoption of the guide did not have any effect on their financial statements.

Federal Taxes

It is the Funds’ policy to comply with the provisions of the Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of their income. Accordingly, no provision for federal tax is necessary.

At April 30, 2001, the following Funds had capital loss carryforwards for federal tax purposes, which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve each Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:

Fund	Capital Loss Carryforward To Expire in 2002	Capital Loss Carryforward To Expire in 2003	Capital Loss Carryforward To Expire in 2005	Capital Loss Carryforward To Expire in 2006	Capital Loss Carryforward To Expire in 2008	Capital Loss Carryforward To Expire in 2009	Total Capital Loss Carryforward
Small Company Stock Fund	—	—	—	—	—	$315,771	$315,771
Large Cap Growth Fund	—	—	—	—	—	561,936	561,936
U.S. Government Securities Fund	—	$1,560,346	$470,326	—	$7,963	—	2,038,635
Bond Fund	—	—	—	—	—	153,961	153,961
Intermediate Tax Free Bond Fund	—	—	—	—	—	124,197	124,197
Prime Money Market Fund	$822,823	20,474	14,610	$4,102	451	—	862,460

When-Issued and Delayed Delivery Transactions

The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked-to-market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

40

Securities Lending

Under guidelines adopted by the Trustees, each Fund may lend portfolio securities to brokers/dealers and other financial organizations in order to generate additional income. Loans of portfolio securities by a Fund will be collateralized by cash, letters of credit or U.S. government securities, which are maintained at a minimum level of 100% of the current market value of the loaned securities. Collateral is either held as cash or reinvested in short-term securities including overnight repurchase agreements, commercial paper, master notes, floating rate corporate notes (with at least quarterly reset rates) and money market funds. The Funds return a portion of the interest on any cash received as collateral and continue to receive interest or dividends on securities loaned. Included in interest income is $546, $16,366, $17,792, $3,950, $700 and $5,501 for Stock Fund, Small Company Stock Fund, U.S. Government Securities Fund, Bond Fund, Prime Money Market Fund and U.S. Treasury Money Market Fund, respectively, attributable to income earned on securities lending transactions.

Riggs Funds

Loans will be made to firms deemed by the Funds’ adviser to be of good financial standing and will not be made unless, in the judgment of the Funds’ adviser, the consideration to be earned from such loans would justify the risk. The risks associated with lending portfolio securities consist of possible decline in value of collateral, possible delays receiving additional collateral or in the recovery of the loaned securities or expenses from enforcing the Funds’ rights should the borrower of the securities fail financially.

As of October 31, 2001, the value of securities loaned plus interest, the payable on collateral due to broker and the value of reinvested cash collateral securities were as follows:

Fund	Market Value of Securities Loaned	Payable on Collateral Due Broker		Reinvested Collateral Securities
Stock Fund	706,499		721,473		721,473
Small Company Stock Fund	6,208,222		6,363,228		6,363,228
U.S. Government Securities Fund	22,129,856		22,758,459		22,758,459
Bond Fund	4,502,074		4,571,627		4,571,627
Prime Money Market Fund	200,187		212,015		212,015
U.S. Treasury Money Market Fund	10,000,181		11,116,985		11,116,985

Cash collateral is held in a segregated account.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

Other

Investment transactions are accounted for on a trade date basis.

Shares of Beneficial Interest

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Transactions in shares were as follows:

	Stock Fund
	Six Months Ended October 31, 2001					Year Ended April 30, 2001
Class R Shares	Amount			Shares		Amount			Shares
Shares sold	$	1,627,904		199,631		$	4,054,134		377,951
Shares issued to shareholders in payment of distributions declared		—		—			6,908,078		742,800
Shares redeemed		(4,467,458	)	(533,914	)		(18,876,429	)	(1,658,347	)
Net change resulting from Class R Share transactions	$	(2,839,554	)	(334,283	)	$	(7,914,217	)	(537,596	)
	Stock Fund
	Six Months Ended October 31, 2001					Year Ended April 30, 2001
Class Y Shares	Amount			Shares		Amount			Shares
Shares sold	$	562,029		64,913		$	2,406,524		254,130
Shares issued to shareholders in payment of distributions declared		—		—			74,762		8,010
Shares redeemed		(13,956,447	)	(1,679,596	)		(22,466,229	)	(1,938,557	)
Net change resulting from Class Y Share transactions	$	(13,394,418	)	(1,614,683	)	$	(19,984,943	)	(1,676,417	)

41

Riggs Funds

	Stock Fund
	Six Months Ended October 31, 2001					Period Ended April 30, 2001(1)
Class B Shares	Amount			Shares		Amount			Shares
Shares sold	$	—		—		$	592		45
Shares issued to shareholders in payment of distributions declared		—		—			—		—
Shares redeemed		—		—			(285,323	)	(24,766	)
Net change resulting from Class B Share transactions		—		—		$	(284,731	)	(24,721	)
Net change resulting from share transactions	$	(16,233,972	)	(1,948,966	)	$	(28,183,891	)	(2,238,734	)
	Small Company Stock Fund
	Six Months Ended October 31, 2001					Year Ended April 30, 2001
Class R Shares	Amount			Shares		Amount			Shares
Shares sold	$	891,001		81,987		$	2,542,767		196,598
Shares issued to shareholders in payment of distributions declared		—		—			1,839,920		184,176
Shares redeemed		(2,058,847	)	(187,153	)		(17,817,062	)	(1,417,466	)
Net change resulting from Class R Share transactions		(1,167,846	)	(105,166	)		$(13,434,375	)	(1,036,692	)
	Small Company Stock Fund
	Six Months Ended October 31, 2001					Year Ended April 30, 2001
Class Y Shares	Amount			Shares		Amount			Shares
Shares sold	$	900,988		79,881		$	1,805,065		151,610
Shares issued to shareholders in payment of distributions declared		170		15			5,136		512
Shares redeemed		(9,027,214	)	(807,570	)		(12,620,496	)	(1,055,952	)
Net change resulting from Class Y Share transactions	$	(8,126,056	)	(727,674	)	$	(10,810,295	)	(903,830	)
	Small Company Stock Fund
	Six Months Ended October 31, 2001					Period Ended April 30, 2001(1)
Class B Shares	Amount			Shares		Amount			Shares
Shares sold	$	—		—		$	50		4
Shares redeemed		—		—			(91,473	)	(5,923	)
Net change resulting from Class B Share transactions		—		—		$	(91,423	)	(5,919	)
Net change resulting from share transactions	$	(9,293,902	)	(832,840	)		$(24,336,093	)	(1,946,441	)
	Large Cap Growth Fund
	Six Months Ended October 31, 2001					Year Ended April 30, 2001
Class R Shares	Amount			Shares		Amount			Shares
Shares sold	$	453,954		88,450		$	5,084,693		497,506
Shares issued to shareholders in payment of distributions declared		—		—			—		—
Shares redeemed		(9,936,925	)	(1,858,468	)		(21,561,117	)	(2,470,455	)
Net change resulting from Class R Share transactions	$	(9,482,971	)	(1,770,018	)	$	(16,476,424	)	(1,972,949	)

42 Riggs Funds

	Large Cap Growth Fund
	Six Months Ended October 31, 2001					Period Ended April 30, 2001(1)
Class B Shares	Amount			Shares		Amount			Shares
Shares sold	$	—		—		$	3,800		316
Shares redeemed		—		—			(24,465	)	(1,860	)
Net change resulting from Class B Share transactions		—		—		$	(20,665	)	(1,544	)
Net change resulting from share transactions	$	(9,482,971	)	(1,770,018	)	$	(16,497,089	)	(1,974,493	)
	U.S. Government Securities Fund
	Six Months Ended October 31, 2001					Year Ended April 30, 2001
Class R Shares	Amount			Shares		Amount			Shares
Shares sold	$	2,707,801		269,501		$	4,311,008		439,179
Shares issued to shareholders in payment of distributions declared		345,495		34,433			248,560		25,472
Shares redeemed		(4,510,301	)	(451,678	)		(10,362,233	)	(1,062,787	)
Net change resulting from Class R Share transactions	$	(1,457,005	)	(147,744	)	$	(5,802,665	)	(598,136	)
	U.S. Government Securities Fund
	Six Months Ended October 31, 2001					Year Ended April 30, 2001
Class Y Shares	Amount			Shares		Amount			Shares
Shares sold		2,521,242		251,004		$	5,739,340		587,858
Shares issued to shareholders in payment of distributions declared		80		8			173		18
Shares redeemed		(9,629,094	)	(959,120	)		(28,707,061	)	(2,972,867	)
Net change resulting from Class Y Share transactions		(7,107,772	)	(708,108	)	$	(22,967,548	)	(2,384,991	)
Net change resulting from share transactions		(8,564,777	)	(855,852	)	$	(28,770,213	)	(2,983,127	)
	Bond Fund
	Six Months Ended October 31, 2001					Year Ended April 30, 2001
Class R Shares	Amount			Shares		Amount			Shares
Shares sold	$	1,568,919		148,147		$	5,147,075		508,255
Shares issued to shareholders in payment of distributions declared		12,117		1,142			3,172		304
Shares redeemed		(7,160,277	)	(677,452	)		(10,797,836	)	(1,059,324	)
Net change resulting from Class R Share transactions		(5,579,241	)	(528,163	)	$	(5,647,589	)	(550,765	)
	Intermediate Tax Free Bond Fund
	Six Months Ended October 31, 2001					Year Ended April 30, 2001
Class R Shares	Amount			Shares		Amount			Shares
Shares sold	$	1,015,500		98,240		$	4,808,828		476,991
Shares issued to shareholders in payment of distributions declared		3,093		298			8,001		787
Shares redeemed		(5,379,512	)	(519,315	)		(13,631,727	)	(1,346,410	)
Net change resulting from Class R Share transactions	$	(4,360,919	)	(420,777	)	$	(8,814,898	)	(868,632	)

43

Riggs Funds

	Long Term Tax Free Bond Fund
	Six Months Ended October 31, 2001				Year Ended April 30, 2001
Class R Shares	Amount		Shares		Amount		Shares
Shares sold	$         307,209		29,229		$     2,784,260		270,461
Shares issued to shareholders in payment of distributions declared	3,261		310		6,452		629
Shares redeemed	(4,872,548	)	(464,557	)	(16,105,710	)	(1,585,904	)
Net change resulting from Class R Share transactions	$     (4,562,078	)	(435,018	)	$   (13,314,998	)	(1,314,814	)
	Prime Money Market Fund
	Six Months Ended October 31, 2001				Year Ended April 30, 2001
Class R Shares	Amount		Shares		Amount		Shares
Shares sold	$   65,428,748		65,428,748		$304,220,418		304,220,418
Shares issued to shareholders in payment of distributions declared	567,590		567,590		2,029,906		2,029,906
Shares redeemed	(125,088,684	)	(125,088,684	)	(226,633,339	)	(226,633,339	)
Net change resulting from Class R Share transactions	$   (59,092,346	)	(59,092,346	)	$   79,616,985		79,616,985
	Prime Money Market Fund
	Six Months Ended October 31, 2001				Year Ended April 30, 2001
Class Y Shares	Amount		Shares		Amount		Shares
Shares sold	$291,355,668		291,355,668		$851,425,268		851,425,268
Shares issued to shareholders in payment of distributions declared	640,695		640,695		3,265,910		3,265,910
Shares redeemed	(296,931,030	)	(296,931,030	)	(934,404,419	)	(934,404,419	)
Net change resulting from Class Y Share transactions	$     (4,934,667	)	(4,934,667	)	$   (79,713,241	)	(79,713,241	)
Net change resulting from share transactions	$   (64,027,013	)	(64,027,013	)	$           (96,256	)	(96,256	)
	U.S. Treasury Money Market Fund
	Six Months Ended October 31, 2001				Year Ended April 30, 2001
Class R Shares	Amount		Shares		Amount		Shares
Shares sold	$     5,125,486		5,125,486		$   10,889,872		10,889,872
Shares issued to shareholders in payment of distributions declared	62,640		62,640		233,607		233,607
Shares redeemed	(3,854,308	)	(3,854,308	)	(10,047,460	)	(10,047,460	)
Net change resulting from Class R Share transactions	$     1,333,818		1,333,818		$     1,076,019		1,076,019
	U.S. Treasury Money Market Fund
	Six Months Ended October 31, 2001				Year Ended April 30, 2001
Class Y Shares	Amount		Shares		Amount		Shares
Shares sold	$153,525,323		153,525,323		$318,327,120		318,327,120
Shares issued to shareholders in payment of distributions declared	170,870		170,870		694,111		694,111
Shares redeemed	(151,241,810	)	(151,241,810	)	(309,819,067	)	(309,819,067	)
Net change resulting from Class Y Share transactions	$     2,454,383		2,454,383		$     9,202,164		9,202,164
Net change resulting from share transactions	$     3,788,201		3,788,201		$   10,278,183		10,278,183

(1) As of July 21, 2000, Class B Shares were no longer offered.

44

Riggs Funds

Investment Adviser Fee and Other Transactions with Affiliates
Investment Adviser Fee
Riggs Investment Corp., the Funds’ investment adviser (the “Adviser”), receives for its services an annual investment adviser fee based on a percentage of each Fund’s average daily net assets (see below). The Adviser may voluntarily choose to waive a portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

Fund	Annual Rate
Stock Fund		0.75	%
Small Company Stock Fund		0.80	%
Large Cap Growth Fund		0.75	%
U.S. Government Securities Fund		0.75	%
Bond Fund		0.75	%
Intermediate Tax Free Bond Fund		0.75	%
Long Term Tax Free Bond Fund		0.75	%
Prime Money Market Fund		0.50	%
U.S. Treasury Money Market Fund		0.50	%

Sub-Advisers
The Adviser has delegated daily management of the Funds to the following sub-advisers: Riggs Investment Management Corp. (with respect to Stock Fund, Small Company Stock Fund, U.S. Government Securities Fund, Bond Fund, Intermediate Tax Free Bond Fund, Long Term Tax Free Bond Fund, Prime Money Market Fund and U.S. Treasury Money Market Fund) and J. Bush & Co. (with respect to Large Cap Growth Fund). The sub-advisers are paid by the Adviser and not by the Funds.

Administrative Fee
Federated Services Company (“FServ”) and Riggs Bank, N. A. serve as co-administrators to the Trust and provide the Funds with certain administrative personnel and services necessary to operate the Funds. Administrative services are provided for an aggregate annual fee as specified below:

Fees payable to FServ:

Maximum Administrative Fee	Average Daily Net Assets of the Riggs Group of Funds
0.140%	on the first $1.2 billion
0.120%	on the next $1.3 billion
0.100%	on the net $1.0 billion
0.800%	on assets in excess of $3.5 billion

Fees Payable to Riggs Bank, N.A.:

Riggs Bank, N.A. provides these services for an annual fee of 0.020% of the average daily net assets of the Funds.

Prior to August 1, 2001, FServ provided the Trust with certain administrative personnel and services. FServ provided these services at an annual rate of 0.160% of the average aggregate daily net assets of the Funds.

Distribution Services Fee
The Funds have adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Funds will compensate Federated Securities Corp. (“FSC”), the principal distributor, from the net assets of the Funds to finance activities intended to result in the sale of the Funds’ Class R Shares. The Plan provides that the Funds may incur distribution expenses according to the following schedule annually, to compensate FSC. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Share Class Name	Percentage of Average Net Assets of Class
Class R Shares	0.25%

The Class R Shares of Prime Money Market Fund and U.S. Treasury Money Market Fund may pay FSC a fee computed at an annual rate of up to 0.50% of their average daily net assets.

Shareholder Services Fee
Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company (“FSSC”), the Funds pay up to 0.25% of average daily net assets of the Funds for the period. The fee is paid to FSSC to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Transfer and Dividend Disbursing Agent Fees and Expenses
FServ, through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Funds. The fee paid to FSSC is based on the size, type and number of accounts and transactions made by shareholders.

45

Riggs Funds

Portfolio Accounting Fees

FServ maintains the Funds’ accounting records for which it receives a fee. The fee is based on the level of the Funds’ average daily net assets for the period, plus out-of-pocket expenses.

Custodian Fees

Riggs Bank, Washington D.C. is the Funds’ custodian. The fee paid to Riggs Bank, Washington D.C. is based on the level of each Fund’s average daily net assets for the period, plus out-of-pocket expenses.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

Investment Transactions

Purchases and sales of investments, excluding long-term U. S. government securities and short-term obligations (and in-kind contributions), for the six months ended October 31, 2001, were as follows:

Fund	Purchases		Sales
Stock Fund		15,443,748	28,250,314
Small Company Stock Fund		39,502,885	46,699,295
Large Cap Growth Fund		5,125,250	13,311,397
U.S. Government Securities Fund		0	0
Bond Fund		115,708	6,841,109
Intermediate Tax Free Bond Fund		5,580,946	8,218,451
Long Term Tax Free Bond Fund		7,327,837	12,110,084

Purchases and sales of long-term U.S. government securities for the six months ended October 31, 2001, were as follows.

Fund	Purchases		Sales
U.S. Government Securities Fund		2,197,848	5,850,546
Bond Fund		2,208,592	873,148

46

TRUSTEES

John F. Donahue

Thomas G. Bigley

John T. Conroy, Jr.

Nicholas P. Constantakis

John F. Cunningham

J. Christopher Donahue

Lawrence D. Ellis, M.D.

Peter E. Madden

Charles F. Mansfield, Jr.

John E. Murray, Jr.

Marjorie P. Smuts

John S. Walsh

OFFICERS

John F. Donahue

Chariman

Peter J. Germain

President

J. Christopher Donahue

Executive Vice President

John W. McGonigle

Executive Vice President and Secretary

Judith J. Mackin

Vice President

James E. Ostrowski

Vice President

Richard J. Thomas

Treasurer

C. Grant Anderson

Assistant Secretary

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves risk, including possible loss of principal.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectus which contains facts concerning the Funds’ objectives and policies, management fees, expenses and other information.

47

Cusip 76656A	609	Riggs Stock Fund R Shares	RISTX
Cusip 76656A	781	Riggs Stock Fund Y Shares	RIYSX
Cusip 76656A	807	Riggs Small Company Stock Fund R Shares	RISCX
Cusip 76656A	799	Riggs Small Company Stock Fund Y Shares	RISYX
Cusip 76656A	849	Riggs Large Cap Growth Fund R Shares	RILCX
Cusip 76656A	500	Riggs U.S. Government Securities Fund R Shares	RIBDX
Cusip 76656A	773	Riggs U.S. Government Securities Fund Y Shares	RIUSX
Cusip 76656A	872	Riggs Bond Fund R Shares	RIBRX
Cusip 76656A	864	Riggs Intermediate Tax Free Bond Fund R Shares	RIIBX
Cusip 76656A	856	Riggs Long Term Tax Free Bond Fund R Shares	RILTX
Cusip 76656A	203	Riggs Prime Money Market Fund R Shares	RRPXX
Cusip 76656A	104	Riggs Prime Money Market Fund Y Shares	RYPXX
Cusip 76656A	401	Riggs U.S. Treasury Money Market Fund R Shares	RGSXX
Cusip 76656A	302	Riggs U.S. Treasury Money Market Fund Y Shares	RYTXX